Serbia

Overview of Serbia

Serbia is a landlocked country that lies in the south eastern corner of Europe. The capital is Belgrad and is one of the largest cities in south-eastern Europe. It has a population of 6,982 million and its national language is Serbian. The Cyrillic alphabet and the Latin alphabet are both in use in Serbia. Serbia exports 95% of the worlds raspberries. Serbia is home to the tallest stone gate in Europe. Nikola Tesla came from Serbia originally.

Serbians place a lot of value on developing a good relationship with one before the topic of business is even touched on. With a good personal relationship built, business also tends to go faster as serbs are still very bureaucratic. Serbs are known to be among the most hospitable and welcoming people in the world as locals believe that they will not receive luck or favours from the gods if they do not treat their guests well.

Currency of Serbia

• Serbian dinar

Health Insurance and the Social Security system of Serbia

In Serbia one has a universal healthcare system which is managed by the National Health Insurance Fund (RFZO) . It is mandatory to be insured and it is financed through based on a sliding scale, with wealthier members of society paying higher percentages of their income . This way the system provided comprehensive healthcare for the entire population. However, about 38% of healthcare is still paid out of pocket by the population. Private healthcare is also available.

Employer cost of Serbia

The cost for an employer to hire someone in Serbia is a plus of 16.65% to the gross salary.

Salary and bonuses of Serbia

Regular employees are paid monthly.

Commissions, incentives, and bonuses are variable and will be agreed upon directly with the employer.

Public Holidays in Serbia

• January 1^st and 2^nd – New Year’s Day
• January 7^th – Christmas Day
• February 15^th and 16^th – Statehood day
• moveable – Easter (Good Friday, Easter Sunday and Easter Monday)
• May 1^st and 2^nd – May Day
• November 11^th – Armistice day

In addition there are 5 working holidays. These are not public holidays but they are observed by the state and the people.

Working Hours in Serbia

Office hours are from 8:00am to 4:00pm, Monday to Friday.

A regular work week is 40 hours.

Overtime is limited to 8 hours per week and a maximum of 4 hours per day. It is paid at 126% of the regular salary.

Vacation in Serbia

Serbians are entitled to a minimum of 20 days (4 weeks) of annual leave.

Sick Leave in Serbia

When one falls sick in Serbia one needs to get a certificate from a doctor and file it with the health insurance authority. During the first 30 days of the illness, the employee receives his sick pay from the employer. After 30 days, the sick pay will be paid by the state. If the illness is not work related, the employee receives 65% of his/her salary. If the illness is work-related, the employee receives 100% of his/her salary.

Termination/Severance in Serbia

When terminating an employee in Serbia one must do so in writing, providing an explanation as to why the employee is being dismissed. An employee must be given a chance to respond to the notice. The notice period must be at least 8 days. In the event of a lay-off, the employee must be given 30 days notice.

No severance pay is required for regular dismissal. If the employee is being laid off, a severance payment of at least 1/3^rd of the regular salary for each year worked is required.