Cayman Islands PEO & Employer of Record Services
Global PEO Services (GPS), a Safeguard Global company, helps hire employees in the Cayman Islands without establishing a legal entity. All human resources, benefits, payroll, and tax needs for the employees are managed by our Cayman Islands PEO, while the new hires and headquarter teams focus on your business goals. Using the Cayman Islands PEO is the fastest and most efficient way to develop a workforce in the Cayman Islands. When hiring employees in the Cayman Islands, establishing a subsidiary or branch office is not always the best route, as it’s often a lengthy and expensive process. Hiring via a Professional Employer Organization (PEO), or Employer of Record (EOR), is a faster and often more effective option – especially when starting up in a new country. We hire the employees on your behalf, legally contracting them through our subsidiary in accordance with Cayman Islands labor laws. As a result, the burden of compliance is on us and the employees can begin work for your company in a matter of days. PEOs/EORs provide you with a streamlined option for hiring employees, testing markets, and responding to growing business needs in the Cayman Islands. With our Cayman Islands PEO services, you get control without taking on legal entity liabilities, contractor risks, or sacrificing on talent or speed to market.Cayman Islands – Country Overview
The Cayman Islands’ economy is mainly driven by the financial services and the tourism sector which contribute nearly 50% to 60% of the country’s GDP. With an average income of about CI$47,000, the people of the Cayman Islands enjoy the highest living standards in the Caribbean. The ‘twin pillars of economic development’ namely tourism and international finance were bolstered by the government with the introduction of telecommunications and transportation. The country’s major source of income is indirect taxation since there is no prevalent income tax, corporation tax, or capital gains tax.Capital City
George TownCurrency
Cayman Islands Dollar (CI$)Principal Language
EnglishGovernment
Parliamentary DemocracyEmployment Contracts in the Cayman Islands
Cayman Islands Labour Law (2011 Revision) does not require employers to provide written employment contracts. However, it does require employers to provide a written statement outlining the terms and conditions of employment. Both employers and employees should have written agreements because they clarify expectations, reduce dispute risks, and serve as legal evidence. Section 6 of the Labor Law states minimum details that must be mentioned in employment contracts including:- An employee’s job title
- The hours and days of work
- Job description
- The interval between pay periods
- Remuneration
- The period of employment (indefinite or fixed)
- Any probationary term, holiday, annual, and sick leave entitlements
- The hourly rate or equivalent for salaried employees
- The notice requirements that employees and employers owe to each other
Working Hours in the Cayman Islands
The regular work schedule comprises 45 hours, spread over five days a week. Part-time employees are required to work for a proportion of regular work hours put in by full-time employees, according to an agreement between employees and the appointing officer.Overtime
Any hour that exceeds the standard 9-hour workday is considered overtime and must be either paid or compensated by providing a day off.Holidays in the Cayman Islands
Employees in the Cayman Islands are entitled to the following leaves: Annual leave in the Cayman Islands – According to the minimum terms and conditions stated in the Labor Law, employees are entitled to 2 weeks’ annual leave which goes up to 4 weeks after 10 years of employment. Maternity leave in the Cayman Islands – Women employees are entitled to 90 days’ maternity leave after 12 months of continuous service with an employer. Out of these 90 days, regular wages are paid for 30 days while the rest is unpaid. Sick leave in the Cayman Islands – Employees are entitled to 10 days’ paid sick leave in a year provided a doctor’s certificate is submitted for each day absent. In the case of serious injury or illness, which may require treatment for more than 10 days, employees can take 6 days’ additional sick leave upon submitting a medical certificate issued by a registered medical practitioner. The additional sick leave can be extended up to 125 days on full pay and an extra 135 days on half pay. Paternity leave in the Cayman Islands – Male employees are entitled to two weeks’ paternity leave after 12 months of continuous employment. One week of this leave is paid normal wages, while the second is unpaid. Public Holidays The following are the statutory national holidays observed in the Cayman Islands:- New Year’s Day
- National Heroes Day
- Ash Wednesday
- Good Friday
- Easter Monday
- Emancipation Day
- Discovery Day
- King’s Birthday
- Constitution Day
- Remembrance Day
- Cayman Thanksgiving
- Christmas Day
- Boxing Day
Employee Termination in the Cayman Islands
The Cayman Islands Labor Law (2011 Revision) outlines the minimum notice periods for termination of employment:- Probationary employees – Employees on probation must receive at least 24 hours’ written notice.
- Non-probationary employees – Employees who have completed their probation must receive a minimum notice period equal to the interval between paydays or 30 days, whichever is shorter.
- Contracts – Contracts may specify longer notice periods.
Global Mobility in the Cayman Islands
There are typically the following categories of visas in the Cayman Islands:- Visitor work visa
- Visitor visa
- Student visa
Employee Benefits in the Cayman Islands
Health Insurance & Other Benefits Employers must provide health insurance to employees, their spouses, and dependents. Pension Requirement Under the National Pensions Law, employees and employers are required to contribute an amount equal to 10% of employees’ monthly wages into a pension scheme where employers contribute at least 5%, and employees contribute up to 5%. A Few Key Provisions of Cayman’s Pension Law are below:- Normal Retirement Age Removed
- Maximum Pensionable Earnings Increased
- Foreign Workers Transfer Benefits in 2 Years
- All Employees & Self-Employed Persons must have a Pension Plan
- No More Pension Refunds after 2019
Doing business in Cayman Islands
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Payroll & PEO in Cayman Islands
Cayman Islands Payroll Outsourcing & Management Services
Hire and pay employees in Cayman Islands without setting up a legal entity. With our Cayman Islands payroll and PEO services, you select the candidate, and we handle the rest.
After successfully hiring and onboarding your employees, we manage all aspects of the payroll process, ensuring your employees are always paid accurately and on time.
Our Cayman Islands payroll experts have an in-depth understanding of local payroll requirements and provide you with in-depth guidance and compliance support.
Our Cayman Islands PEO Payroll Solutions Cover:
Struggling to Manage Payroll for Independent Contractors?
Global PEO Services eliminates the complexity and liabilities associated with employing and paying independent contractors. We allow you to hire your contractors as employees through our Cayman Islands PEO. The individual continues to work for you, while we manage all aspects of payroll, HR, tax, and compliance.
The Solution to Low Headcount Payroll
Finding a payroll option for countries where you have low headcounts can be a challenge. Global PEO Services provides the solution. By using our Cayman Islands PEO to manage your payroll, you leverage our pre-existing payroll infrastructure, teams, and processes, even if you only need payroll for just one employee. Stay flexible, save time, all while getting the payroll services and support you need.