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Latvia
Overview of Latvia

Latvia is the middle of the Baltic countries. It is situated on the eastern shore of the Baltic Sea. It has many coastlines as well as forested areas. The capital is Riga and almost one in every 3 Latvians lives in the capital. The centre of Riga is a Unesco World Heritage Site. Latvias internet speeds are one of the fastest in the world. Tailor Jacob Davis made the prototype of the modern jeans and helped patent it with Levi Strauss.

Latvians consider themselves straightforward and trustworthy and expect their business partners to be the same. Latvians are very well educated and not appreciate being told by a foreigner what to do. They are punctual to meetings and expect the same courtesy. First impressions are important so ensure one dresses according to ones status. Presents may be needed to speed up government processes.

Currency of Latvia

Euro

Health Insurance and the Social Security system of Latvia

Latvia offers universal healthcare which is largely funded by the government. The GP (General Practitioner) plays a central role as he delivers essential primary healthcare and provides the overall coordination for one's health.

As a patient, one must co-pay a patient's fee. These are charged when one visits the GP, specialists and hospitals as well as for certain diagnostic examinations. The maximum one has to pay as co-payment a year if 570€. Once one has reached this, one is exempt from further patient's fees.

Unfortunately, corruption and bribery to avoid long wait lines and receive better service is still widespread.

Employer cost of Latvia

The cost for an employer to hire someone in Latvia is a plus of 24.09% to the gross salary.

Salary and bonuses of Latvia

Regular employees are paid monthly.


Bonuses, commissions and additional compensations are generally agreed upon when employment contracts are first drawn up. There are no rules regarding raises or bonuses in Latvia.

Public Holidays in Latvia

January 1st – New Year’s Day

moveable – Easter (Good Friday, Easter Sunday and Easter Monday)

May 1st – Labour Day

May 4th – Restoration of Independence Day

Second Sunday in May – Mother's Day

49 days after Easter Sunday – Pentecost

June 23rd – Midsummers Eve

June 24th – Midsummers Day

varying – closing day of the Nationwide Song and Dance Festival (held every 5 years)

November 18th – Proclamation Day of the Republic if Latvia

December 24th – Christmas Eve

December 25th and 26th – Christmas

December 31st – New Year's Eve

Working Hours in Latvia

Office hours are from 9:00am to 6:00pm, Monday to Friday.


A regular work week is 40 hours.


Overtime must not exceed 48 hours within a 4 week period and must not exceed 200 hours a year. Overtime pay should be at 200% of the regular hourly wage.

Vacation in Latvia

Latvians are entitled to a minimum of 20 days of annual leave.

Sick Leave in Latvia

When one falls sick in Latvia, the first day is not paid. From the second day onwards, the employer pays for 10 days. One receives a certain percentage of one's daily income which changes, depending on how long one is off work. After the first 10 days, the government takes over.

Termination/Severance in Latvia

When terminating an employee in Latvia, the employer must do so in writing and state the reasons for the termination.

The most common reasons for dismissal are the conduct of the employee, organizational or economic reasons. Section 101 of the Labor Code gives more reasons for termination.


The notice can be immediate but normally employees are given 10 or 30 days notice.


Severance pay is required in Latvia. If the employee has worked with the company for less than 5 years, the severance pay is 1 months wage. If the employee has been with the company for more than 5 years, 2 months pay are required.

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