Paraguay is a landlocked country surrounded by Bolivia, Brazil, and Argentina. The country holds a 62.9 economic freedom score, thus making it the 73rd freest country in 2022. Paraguay has seen significant growth on the economic side since 2021. It ranks 17th out of 32 in the Americas region in economic development.
Major economic hubs:
Asunción, Ciudad del Este, San Lorenzo
Skills in demand:
Engineering, Human Resources, Software/IT
Local Universities
The top local universities in Paraguay with rankings are mentioned below:
Universidad Nacional de Asunción
RANKING
Local: 1
World : 1473
Universidad Católica Nuestra Señora de la Asunción
RANKING
Local: 2
World : 5113
Universidad Autónoma de Asunción
RANKING
Local: 3
World : 5697
Universidad de la Integración de las Américas
RANKING
Local: 4
World : 6307
Universidad Columbia del Paraguay
RANKING
Local: 5
World : 6510
Salary Data
The average monthly salary of jobs available in Paraguay are as follows:
This section will help employers to know about employment laws, bonuses, allowances, and more to onboard an individual in Paraguay.
Employee Contract
In Paraguay, the employment contract language must be Guaraní or Spanish. Also, the contract can be in any language both parties can understand.
Probation Period
The probation period in Paraguay is 45 days.
Public and Provincial Holidays 2023
Date
Name
Type
1 Jan
New Year’s Day
National holiday
27 Feb
Heroes’ Day
National holiday
6 Apr
Maundy Thursday
National holiday
7 Apr
Good Friday
National holiday
1 May
Labor Day / May Day
National holiday
14 May
National Holiday
National holiday
15 May
Independence Day
National holiday
12 Jun
Chaco Armistice
National holiday
15 Aug
Founding of Asuncion
National holiday
29 Sep
Boqueron Battle Victory Day
National holiday
8 Dec
Virgin of Caacupé Day
National holiday
25 Dec
Christmas Day
National holiday
Employee Leaves
Type of Leave
Time Period
Mandatory
Annual/Earned Leave
12 days
Yes
Sick Leave
28 days
Yes
Maternity Leave
126 days
Yes
Payroll
Payroll Cycle
In Paraguay, the payroll cycle is Weekly, Bi-Weekly, or Monthly.
Minimum Wage
The minimum wage in Paraguay is 2,289,324 PYG.
Overtime Pay
The overtime cannot be extended over 3 hours per day in Paraguay. The overtime pay for the day shift is 150% of the regular wage, whereas, for the night shift or public holiday, it increases to 200%.
In Paraguay, the income tax is flat at 10% for residents with an annual income amount equal to, or more than 36 monthly minimum salaries. For non-resident employees, the income tax is flat at 20%.
Both employee and employer can terminate the employment contract; however, the termination must be done in written form. The employer cannot terminate an employee with more than ten years of service without a cause.
In Paraguay, the severance pay is 15 days for each service year.
Visa and Immigration
An individual will require a work visa/permit to work in Paraguay. The individual must apply with all the documents and an employment contract in the local embassy.
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