COUNTRIES, South America
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Overview of Bolivia

Bolivia is a landlocked country in South America. It has a population of 11.35 million. The constitutional capital is Sucre and the executive capital is La Paz. The seat of the government is also in La Paz. Bolivia has over 30 official languages, the most prominent being Spanish, Quechua and Aymara. Bolivia is home to two of the highest cities in the World. 40% of all animal and plant life on the planet can be found in Bolivia. It is also one of the few places in the world where one can mine Ametrine.

Bolivians are kind and gentle people. Friendship is highly valued and so Bolivians prefer to do business with people they know and trust. When conducting business, Bolivians tend to be socially formal. Social interactions are very important so ensure that your manners are good as Bolivians will not do business with people who have the possibility of embarassing them in public. Punctuality is flexible in Bolivia. One is expected to be on time but do not be surprised if the host is 15-30 minutes late.

Currency of Bolivia

  • Boliviano

Health Insurance and the Social Security system of Bolivia

Bolivia’s healthcare system has been undergoing a reform recently. In 2010, it created a free Unified Health System (SUS in Spanish) that provided healthcare coverage for about 70% of the population. It is a medical service program, not an insurance. The World Bank partially funds this.

A public health insurance is also in place. It covers the majority of the costs of care. All employees participate in this. The employee and the employer both contribute.

Private healthcare is available to the more affluent citizens who prefer to visit private medical centers. These not only offer a better quality of care but also respond faster in times of emergency.

Employer cost of Bolivia

The cost for an employer to hire someone in Bolivia is a plus of 16.71% to the gross salary.

Salary and bonuses of Bolivia

Employees are paid monthly.

Employees receive a 13th month salary at the end of the year and it is equivalent to one months pay. A 14th month salary is mandatory if the GDP if over 4.5%. Both bonuses are tax-free.

Public Holidays in Bolivia

  • January 1st – New Year’s Day
  • January 22nd – Plurinational State of Bolivia Anniversary
  • February 2nd – Feast of the Virgin of Candelaria
  • moveable – Carnival
  • moveable – Good Friday
  • 60 days after Easter Sunday – Corpus Christi
  • May 1st – Labour Day
  • June 21st – Andean New Year
  • August 2nd – Agrarian Reform Day
  • August 6th – Independence Day
  • November 2nd – All Saints Day
  • December 25th – Christmas

Working Hours in Bolivia

Office hours are from 8:30am till 12:30am and from 2:30pm till 7pm, Monday till Saturday. Siesta is still traditional in Bolivia.

A regular work week is 48 hours.

Overtime is compensated at a rate of 200%.

Vacation in Bolivia

After an year of employment, an employee is entitled to 15 days of annual leave. For an employee who has been employed for at least 5 years, they are entitled to 20 days of annual leave. For an employee who has been employed at least 10 years, they are entitled to 30 days of annual leave.

Sick Leave in Bolivia

When an employee gets sick in Bolivia, he has to produce a medical certificate to prove the illness. For the first 5 days of the illness, the time off is not paid. After the fifth day of the illness, sick pay is paid. The employee is entitled to 100% of his pay when he is sick. The employer has to pay this up to 26 weeks. The employer is able to get 75% of this reimbursed from social security.

Termination/Severance in Bolivia

When terminating an employee in Bolivia, one can do so with a reason or no reason. With a just reason, the termination must be based on the Article 16 of the General Labor Law. When dismissed without a reason, the employee may request severance pay and/or demand his/her job back. Per Bolivian labor law, there is no mandatory notice period.