In recent years, economic stability and expansion were observed in Armenia followed by prudent macroeconomic policies and political realignment. However, domestic political uncertainty and the COVID-19 crisis have affected the economy of Armenia. Nonetheless, industries such as food processing, agriculture, mining and energy are the main sectors that are still driving the economy of Armenia forward. Investment opportunities and businesses in the area of information technologies are also developing swiftly.
Employers need to follow the strict employment guidelines set forth by the local authorities before they could employ in Armenia. This process can be time-consuming as the company first needs a legal entity in the country and it needs to manage payroll, tax, benefits and compliance.
Global payroll solutions make it easy to find and hire top talent in Armenia. With one seamless integration and local legal entity, we take care of the compliance matters so that you can start your globelizing plan immediately.
Armenia’s worker classification labour and tax laws distinguish between contractors and full timers. If the individual meets the legal definition of an employee but is classified as a contractor, your company will face penalties.
Armenia’s labor laws provide protections for Armenian employees in terms of working standards and employee rights. For instance, abrupt termination is prohibited in Armenia, and there are special rules for layoffs of multiple people in a company.
Globelise will be able to help you navigate through the employment process and so that you will be able to offer a competitive and compliance offer to attract and retain your employees in Armenia.
The primary trade union in Armenia is the Confederation of Trade Unions of Armenia (CTUA). It is designed to help Armenia stay competitive and workers remain employable. It works with the local authorities to tackle issues such as promotion of fair and progressive employment practices, flexible wage system, among other labour-related issues.
The maximum probation period in Armenia is 3 months. During the probationary period, the employer or the employee may terminate the agreement without cause upon a 3-day notice.
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