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Cape Verde has a population of 565, 799 people and is ranked number 50 in Africa according to the nominal GDP ($1.89 Billion). Cape Verde is a service-oriented economy that is focused on trade, commerce, public services, and transport.
1 January- New Year's Day
13 January- Democracy Day
20 January- Heroes' Day (in Cape Verde)
2 March- Ash Wednesday
1 May- Labour Day
1 June- Children's Day
5 July- Cape Verde Independence Day
15 August- Assumption of Mary
1 November- All Saints' Day
25 December- Christmas Day
Cape Verde’s minimum wage is 13,000 Cape Verdean escudos per month as of 2020 with the plan to increase it by 15,000 escudos by 2022.
A worker in Cape Verde makes roughly 204,000 CVE per month on average. Salaries range from 51,700 CVE (the lowest average) to 912,000 CVE (the highest average) (highest average, the actual maximum salary is higher).
This is the monthly average pay, which includes housing, transportation, and other benefits. Salaries for various occupations fluctuate dramatically.
The resident individual tax rates vary depending on annual income as follows;
16.5% - for CVE 0-960,000
23.1% - for CVE 960,001- 1,800,000
27.5% - for CVE above 1,800,000
Cape Verde’s personal income tax ranges from 16.5% and 27. 5%.
The income tax is paid through the Pay As You Earn (PAYE) system computed using the personal income tax rates.
Cape Verde’s female employees are entitled to 60 days of paid maternity leave. The employee pays the whole amount if the employee is not eligible for social security benefits. Eligibility for social security maternity benefits depends on the commitment to contribute for at least four months including 30 days before the leave. For male employees, they are entitled to 120 days paternity leave in case within the 120 days of birth the mother is unable to take care of the newborn due to physical or mental in capacity or in case the mother loses a life. The leave is 60 days less than the period already taken by the mother but not less than 30 days if the mother dies.
An employment contract can be terminated when the contract period ends if fixed for a certain period by the employer or the employee. In the case of gross misconduct, an employment contract can be terminated without notice. The employer must give a 40-day notice prior to any contract termination.
Cape Verde notice period follows the following guidelines: