Hire your remote team in Puerto Rico

Name: Hire a remote team in Puerto Rico
Brand: Rivermate
SKU: puerto-rico
Price: 499 EUR
Availability: InStock
Rating: 4.4 (5 reviews)

Only 499 EUR per employee per month

We currently do not offer any services in this country.
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Hiring a remote team in a country as Puerto Rico comes with a lot of overhead, such as compliance, local laws, taxes, etc. As a company, you don't want to worry about knowing all the local laws. Instead you want to focus on your remote team and the business. Rivermate's Employer of Record (EOR) solution helps companies hire remote employees in Puerto Rico. We take care of global payroll, taxes, benefits, compliance and HR activities. So you can focus on growing your business.

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1. Hire a remote team in Puerto Rico with Rivermate

Payroll, benefits, taxes, and compliance can be difficult to manage in Puerto Rico, particularly if you don't have established local relationships. You can hire employees in Puerto Rico effectively, conveniently, and in full compliance with all relevant labor laws using Rivermate's global Employer of Record (EOR) solution. We handle the responsibilities and legal risks associated with foreign employment so you can concentrate on growing your company.

Table of contents

Hire a remote team with Rivermate
Introduction
Hiring a remote team in your country
Cost of living
Cost of renting
Major industries
Hiring cost
Employment laws
Top skills
Economic landscape
Market size
Minimum wage
Why choose Rivermate?

2. Introduction

Rivermate is a global employment solutions company that provides Employer of Record services in Puerto Rico.

As an employer of record, we help you hire employees and run payroll services in Puerto Rico, allowing you to avoid the necessity of first establishing a branch office or subsidiary in Puerto Rico.

It is not necessary to establish an entity in order to hire an employee. We can hire your employee in any country with a few mouse clicks. Using our Employer of Record solution, you can have full compliance, benefits, and automated payments.

If you wish to hire a remote team in Puerto Rico or individually hire remote employees in Puerto Rico, Rivermate’s global employer of record services will make sure that the process will be as seamless as possible for you.

Send us a message so we can talk about how Rivermate’s Employer of Record Puerto Rico services can best help your company!

3. Hire a remote team in Puerto Rico

According to the World Economic Forum, Puerto Rico has one of the world's most competitive economies, with a high cash flow and significantly better job opportunities. The pandemic did have a significant impact on this Caribbean island, but the country has made a remarkable recovery. Prior to the pandemic, the country's unemployment rate was around 9%. Nonetheless, a rapid decrease in these numbers has been observed, indicating that more opportunities for the working sector are being opened. The service sector, which includes trading, finance, and government work, is one of the country's economic driving forces.

4. Cost of living in Puerto Rico

The cost of living in Puerto Rico is $1580, which is 1.22 times less than the national average. Puerto Rico was ranked 53rd in terms of cost of living and 38th in terms of quality of life in the United States.

In Puerto Rico, the average after-tax salary is $2475, which is enough to cover living expenses for 1.6 months.

5. Cost of renting in Puerto Rico

In terms of living expenses, this island is 15% less expensive than the United States of America. The cost of living in this area varies depending on the location sought. The only disadvantage is that real estate prices have recently risen due to the COVID-19 pandemic. However, the rates are not as high as in America's major cities. Despite rising property prices, there are a few places in Puerto Rico where one can live comfortably.

One can look for places to live based on their budget. One advantage of living in Puerto Rico is that rental properties in good areas can be found at reasonable prices. Certain areas can be pricey, but living here is generally affordable, with an average monthly rent of around US $300 - US $1500.

6. Major industries in Puerto Rico

The agricultural sector contributes 0.8% of the Island's GDP, accounting for $808 million USD. Despite the fact that 98% of the island's land is fertile, only 6% of it is arable. This now poses a significant threat to the country's food security and increases its reliance on others for the same. The main reason for this is that the country's focus has shifted to other sectors such as industrialization, poorly managed terrain, a labor shortage, and bureaucratization.

In addition, due to a lack of coal, natural gas, and other reservoirs such as oil, the country imports fuel from other countries to meet its daily energy requirements. The government-owned power plants in Puerto Rico rely on fossil fuels. Approximately 58 percent of income is spent on purchasing these resources from other countries. To address these issues, the government is planning a number of schemes to improve the sector.

The fishing industry is also a good source of income and employs a large number of people in the country.

The secondary sector is a large economic sector that accounts for 46% of the country's total GDP.

7. Hiring cost in Puerto Rico

Labor contracts are governed by state and federal labor statutes, and dealing with employees is a highly regulated process. Before starting a new job, a few factors should be considered, such as

- Onboarding expenses

- Cost of training an employee

- Variation in costs concerning the salary and perks

- Interview and background check cost

- Time invested

8. Employment laws Puerto Rico

Companies make hiring decisions, but federal and state laws define employee rules and regulations. Payment criteria, working hours, and the nature of the job all differ depending on the job and industry. The National Employment Standards govern the following aspects of employment:

- Paid and unpaid leaves

- Reduction and increment in payment

- Surveillance of the workplace

- Temporary employment

- Anti-discrimination

- Number of working hours

- Employment contract act

9. Top skills Puerto Rico

The country relies on both traditional and modern modes of living. Because it is a high-income country, a wide range of skills are in demand. Because the economy is rapidly improving, the country has welcomed many skilled individuals such as technicians, doctors, graphic designers, artists, and so on. Here, enthusiastic immigrants are welcomed with open arms. ‍

If you are an employer and are looking to hire in Puerto Rico, these are the major skills and areas which have witnessed a recent growth:

1. Pharmaceuticals

2. telecommunication

3. Clothing and Textile Industry

4. Petrochemical Industry

5. Electronics

6. Medical Science

Each city in the Commonwealth of Puerto Rico has its own set of values, landscapes, cultures, and opportunities for the people who live there and the immigrants who come with their dreams. The colors, lights, and diversity here are all points of interest for tourists, and the opportunities that the country offers only add to that.

- San Juan is the capital city of the Commonwealth of Puerto Rico and the city with the most people. This city is the 46th largest under US jurisdiction, with a population of 395,326 people and an average salary of US $48,000. Significant progress has been made in the tourism sector, and the city has welcomed numerous multinational corporations. This has resulted in an increase in the demand for skilled workers in various sectors, particularly the secondary sector.

- Bayamón: Bayamón is yet another city in the northern coastal valley. The city is beautiful, and it is known for its cultures, lights, and festivals. The city has a total population of 185,996, and the average salary is US $16,000. The fauna and flora are spectacular, and the tourism industry is expanding. This is one of the reasons why the city is opening a variety of entertainment centers, which has increased demand for qualified employees.

- Carolina: Located to the east of San Juan, this city has a population of 157,832 people and an average salary of US$ 45,946. Along with the entertainment industry, the sports industry has grown in this city. The government and private sector companies want to train and hire people for a variety of critical roles.

10. Economic landscape in Puerto Rico

Pharmaceuticals, tourism, manufacturing, the textile industry, finance, agrochemicals, and petroleum are some of the driving forces behind the country's economy. As of 2021, the economy is growing at a 2.5% annual rate, with a nominal GDP of $99.9 billion USD. Based on the recent pandemic situation, a very slight reduction in the growth rate is predicted for 2022, but the authorities here have a plan to minimize the losses.

11. Market size in Puerto Rico

The agricultural sector is the least affected on the island. The government is investing heavily in this sector to ensure that local production of goods is promoted in order to combat imports and increasing reliance on other countries. Furthermore, capital-based industries are growing to replace industries that manufacture goods such as tobacco, textiles, and so on, which account for 48.5% of total GDP. Despite being severely impacted by the pandemic, the industrial sector remains stable and largely unaffected.

12. Minimum wage in Puerto Rico

For businesses subject to the Federal Fair Labor Standards Act, the minimum wage is $7.25 per hour (FLSA). For individuals not protected by the act, the minimum wage is $6.55 or 70% of the federal minimum wage, whichever is greater.

Employees under the age of 20 may be paid a "training" pay of $4.25 for the first 90 days of employment, but must be paid the federal minimum of $7.25 immediately after the conclusion of the 90-day period.

13.Why choose Rivermate to hire your remote team in Puerto Rico?

Establishing an entity in Puerto Rico to hire a team takes time, money, and effort. The labor law in Puerto Rico has strong worker employment protection, requiring great attention to details and a thorough awareness of local best practices. Rivermate makes expanding into Puerto Rico simple and effortless. We can assist you with hiring your preferred talent, managing HR and payroll, and ensuring compliance with local legislation without the hassle of establishing a foreign branch office or subsidiary. Our PEO and Global Employer of Record (EOR) solutions in Puerto Rico give you peace of mind so you can focus on running your business. Please contact us if you'd like to learn more about how Rivermate can help you hire employees in Puerto Rico via our Employer of Record (EOR) / PEO solution.