Payroll Cycle
Minumum Wage
Overtime Pay
Visa Immigration

Talent Wiki - Isle of Man

Your quick guide on talent and labor compliance norms in Isle of Man
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Capital
Douglas
Currency
Manx Pound (IMP)
Languages
Manx, English
Payroll Frequency
Monthly
GDP per Capita
86,481.553 (2019)
Employer Tax
0-12.8%

Supplementary Guide for Employment and Expansion in Isle of Man

Talent Overview

The Isle of Man’s economy largely depends on its financial, manufacturing, and tourism industry, which has provided employment opportunities for its citizens. This Island nation also entices technology and financial companies to establish their business in the area by way of low tax rates. As a result, the Isle of Man is a popular choice for tech start-ups, particularly in e-gaming, e-sports, media, film, fintech, and blockchain. 

Major Economic Hubs: 

Douglas, Ramsey, Peel

Skills in Demand:

Financial services, Engineering, Healthcare, Manufacturing teaching, Retail and Hospitality

Local Universities

The top local universities of Isle of Man are as follows:

University College Isle of Man

RANKING

Isle of Man : 1

World : 18185

Salary Data

Some of the popular jobs and their annual salaries are listed below:

No. Job Title Annual Salary Range (in IMP) Annual Salary Range (in USD)
1 Product Manager 53,124 69,139.82
2 Software Engineer 46,785 60,889.74
3 Data Analyst 39,021 50, 785.05
4 UX Designer 46,099 59,996.93
5 Project Manager 36,720 47,790.35
6 Sales Executive 55,123 71,741.48
7 Accountant 35,601 46,333.99

Talent Sourcing Tips

Top Local Job Boards: 

Indeed, TotalJobs, Locate.im

Number of LinkedIn users:

37,300

Top Recruitment Agencies:

Ability Plus, Ambitions Recruitment, Bespoke Recruitment

Employing in Isle of Man

Employment law policies in this nation are well regulated by the Department for Enterprise, one of the eight departments in the Isle of Man Government. They have stipulated some legislations and best practices for employees and employers to observe when conducting business in the area. Below are some helpful information that employers must keep in mind when taking in talents from the island.

Employee Contract

A written contract containing the employment details and employee rights is necessary when employing workers in the nation. However, there is no statutory language requirement for employment contracts in the Isle of Man.

Public and Provincial Holidays

Date Name Type
1 Jan New Year's Day Public Holiday
3 Jan Day off for New Year's Day Public Holiday
15 Apr Good Friday Public Holiday
18 Apr Easter Monday Public Holiday
2 May Early May Bank Holiday Public Holiday
2 Jun Spring Bank Holiday Public Holiday
3 Jun Platinum Jubilee Bank Holiday Public Holiday
10 Jun T. T. Bank Holiday Public Holiday
5 Jul Tynwald Day Public Holiday
29 Aug Summer Bank Holiday Public Holiday
25 Dec Christmas Day Public Holiday
26 Dec Boxing Day Public Holiday
27 Dec Day off for Christmas Day Public Holiday

Employee Leave

Type of Leave Time Period Mandatory
Annual Leave 4 weeks Yes
Sick Leave 26 weeks Yes
Maternity Leave 39 weeks Yes

Payroll

Payroll Cycle:

Salaries in the Isle of Man are paid on a monthly basis.

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Minimum Wage:

The Minimum wage in the Isle of Man varies according to age group and location. It ranges from 4.81 IMP/ hour to 9.50 IMP/hour

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Overtime Pay:

Overtime pay for civil servants is based on their annual pay and allowances. The hourly overtime rate is calculated as follows: 

Annual Salary / 37 (hours) x 52.2 (weeks) = Plain-Time Rate

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Health Examination Clause

Bonus

13th Month Pay: 

A 13th month pay is not compulsory in the Isle of Man.

Employee Benefits: 

The Isle of Man social security scheme offers a lot of coverage for its members. Below are some benefits they provide: 

  • ~Illness and disability
  • ~Bereavement
  • ~Unemployment
  • ~People in work
  • ~People on a low income
  • ~Families and children
  • ~Retirement
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Taxes

Employer Payroll Tax:

Employer contributions for their employees National Insurance may be dependent on individual circumstances. However, below is the standard rate for their contributions:

Salary Bracket (Per week) Rate
Up to IMP 120 0%
IMP 120 and over 12.8%

Employee Payroll Tax:

Below are the Employee contribution rate for Isle of Man’s National Insurance Scheme:

Salary Bracket (Per week) Rate
Up to IMP 138 0%
IMP 138 - IMP 823 11%
IMP 823 and over 1%

Employee Income Tax: 

Algeria follows a progressive income tax structure for individual taxpayers.

Employee Category Salary Bracket Rate
Single Person Up to IMP 6,500 10%
IMP 6,500 above 20%
Married Couple Up to IMP 13,000 10%
IMP 13,000 above 20%
Non-Resident Any amount 20%

VAT:

The Standard VAT rate in the Isle of Man is 20%.

Offboarding & Termination

Termination Process

The employment contract set out before the employee upon onboarding becomes the basis for the termination process and the notice period. It should state the obligations of both parties should either one choose to terminate the contract.

Notice Period

The notice period will depend on the employee’s years of service and on which party chooses to terminate the employment. 

If the employer terminates the employee:

Years of Service Notice Period
Less than two (2) years One (1) week
Two (2) years to 12 years One (1) week for each year of continuous service
12 years and above 12 weeks

If the employee resigns:

Years of Service Notice Period
Less than two (2) years One (1) week
Two (2) years to Four (4) years One (1) week for each year of continuous service
Four (4) years and above Four (4) weeks

Severance Pay

Employees who are terminated due to redundancy are entitled to a one (1) week’s worth severance pay for each year of continuous service (capped at IMP 540). The maximum amount of years to be paid is 26 years.

Visa and Immigration

There are two types of visas that foreign workers can apply to legally work in the Isle of Man. Below are following:

Type of Visa Validity Purpose
Work Permit 1 year (can be renewed)
  • To be applied by Isle of Man employees and self-employed individuals.
Standard Visitor’s Visa 6 months (can be renewed)
  • For foreign workers who wishes to stay in the country for a short term-business such as seminars, meetings, sport events, research, education and etc.
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