The Federation of Micronesia is an island on the pacific ocean with four major islands; Pohnpei, Kosrae, Chuuk, and Yap. The country holds an economic freedom score of 61, making it 82nd most accessible in the economy in the 2022 list. Micronesia has seen a developing GDP over the past two years. Industries and Tourism are the major contributors to the overall GDP growth.
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Top University in Micronesia is;
The average monthly salary of some jobs available in Micronesia is as follows:
|Job Title||Avg. Monthly Salary|
|Financial Manager||2,870 USD|
|General Manager||2,440 USD|
|Business Development Manager||2,240 USD|
|Financial Analyst||1,740 USD|
|Business Analyst||1,730 USD|
|Project Manager||1,570 USD|
The payroll cycle in Micronesia is monthly.
The overtime pay in Micronesia ranges from $1.75 to $2 per hour.
It is mandatory to provide overtime pay based on mutual agreement.
There is no mandatory law for the 13th-month pay in Micronesia.
|Annual Taxable Income||Tax Rate|
|Up to $11,000||6%|
The standard rate of VAT in Micronesia is 5%.
In the Federation of Micronesia, the employer or the employee can terminate the employment contract without any responsibility. Based on a cause of redundancy, the employer can terminate the employment contract.
The notice period is one week to one month based on years of service in Micronesia.
In Micronesia, the severance pay is 15 days of compensation for each years of service.
An individual has to apply for an alien worker’s permit in order to work from Micronesia. The individual must provide all the necessary personal documents and employment contracts.