Cape Verde is named after Africa's westernmost tip, Cape Verde (French: Cap Vert), located in Senegal and is the continent's closest point. Mindelo, on the island of So Vicente, is home to the islands' major port. Its deepwater harbor, which has been used as a fuelling station since the 19th century, can accommodate large vessels.
Overview of Cape Verde
Population : estimated to be 604,461 in 2024
GDP: USD 2.37 billion (2024 estimate)
In 2021, more than 70% of the GDP is derived from service industries like commerce, transport, and public services. While 35% of the population resides in rural areas, the proportion of agriculture in GDP was only 9.2% (as opposed to 8.9% in 2020), while fishing represented a mere 1.5% of the 2021 total.
An important statistic to determine the long-term viability of an early-stage company is present in Cape Verde. Firms whose market size is USD 7 billion or above are usually invested in. A market of this magnitude can support a USD 2.6 million-plus corporation. Determining the size of the entire market for early-stage companies is difficult because a lot of early-stage companies are entering new areas.
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A brief glimpse of industries
- Manufacturing processes must become digitized and intelligent if they are to keep up with their competitors in today's marketplace.
- Many factories are shifting from large-scale manufacturing to small-batch production.
- New manufacturing technology and industrial applications contribute to productivity growth.
- This phrase "the fourth industrial revolution" describes the transition from industry 3.0 to industry 4.0, where a higher level of organization and control of the entire product life cycle is applied to meet increasingly customized client needs.
Cost of Living
Many people, both locals, and foreigners, are choosing to make Cape Verde their home because of its affordability and good quality of life. A fixed income may go a long way in Cape Verde, which is why the government encourages foreigners to retire here.
A Breakdown of the Average Cost of Living in Cape Verde:
Cost of Renting
The cost of renting in Cape Verde varies according to the place. It is between USD 180-200 based on the room, air conditioner, shared room, hotel, flats, etc. The cost of living in a flat is higher than living in a shared room.
Your cost of living in Cape Verde depends on your location:
Many expatriates opt to relocate to Cape Verde because of its favorable costs of living and quality of life. The citizens are given financial assistance to encourage them to retire in Cape Verde. Tens of thousands of professional expats choose to move to Porto because of the city's proximity to adventures. It's important to remember that, depending on the city, you will also encounter expat groups of retirees, digital nomads, and those employed locally.
- The cities classified as Tier 1 are all the urban cities, for example, Porto Grande.
- Handful cities are realized as modified Tier 1 cities. These are arising capital towns that retain a remarkably increased rate of development. Praia is an example of a modified Tier 1 town.
- Lastly, the towns in the Tier 3 classification are vastly smaller than the Tier 2 cities.
Top Skills City-wise Occupation-wise
The Cape Verde work market is dynamic. Freshman work opportunities are available for those that are enterprising and eager. Very experienced and highly qualified industry professionals perform excellently in executive roles. Talents based on what type of work is prevalent in a particular city include roles such as the following:
- Financial analyst
- Graphic designer
- Mobile developer
- Product manager
- Software engineer
The other prominent cities are Praia, Mindelo, Espargous, and Porto Novo. These cities are headquarters of many companies that offer roles such as:
- Web developer
- Foreign trade
- Marketing and management
- Sales and advertisements
- Foreign investments
Praia is the talent hub of the nation. There are several opportunities and job openings for all professional jobs like engineering, doctor, lawyer, architecture, and chartered accountant.
Espargous and Porto Novo have a low population. There's a situation or problem of job saturation in these cities. But, jobs like carpenter, electric repair, and management professional are available.
The best places for tourists are sal, bora vista, etc. Here there's good scope in the hotel industry, tourism agent, guide, etc.
Ponta do Sol and Pombas are agriculture-based places with lots of jobs for farmers, agriculture pest controllers, etc.
Cost of hiring
A key consideration in the decision to employ individuals is the cost of recruiting. The spending habits of people living in the city, and the cost of living in the city, influence their overall expenditures. Various factors affect the cost of hiring an employee in that city, such as:
- Bureaucracy and recruitment cost
- Giving education to employees about the company
- The payments you incur while conducting interviews, undertaking the screening process, and finally completing the hiring opportunity add up to the same amount.
Salary structure for various role
The table has shown the salary structure drawn by employees of various sectors :
Employment laws in Cape Verde
Cape Verde's minimum wage is set at USD 188 per month. Bonuses are not required, but they are common.
- Allocation of time - In Cape Verde, the standard workweek is 44 hours long, with no maximum work hours per day. On average, employees are entitled to 24 hours of rest each week, which is provided on Sundays.
- Employees are limited to working up to two hours of overtime per day or up to 160 hours annually. In written consent from the employee, the annual limit is increased to 300.
- Upper management positions or certain highly qualified employees are exempt from the eight-hour-a-day rule. Premium pay from 20% to 35% of the ordinary wage is due to these employees.
- Employees aged 16 to 18 must work a standard 38-hour week with a maximum of 7 hours each day. Force majeure means an event outside the control of the employer that prevents the worker from working.
- Most of the time, the night shift is from 10 p.m. to 6 a.m. Night workers get a premium of 25% of their basic pay. Even after having transitioned to daytime work, some workers are eligible for this higher rate of pay for night work.
- Leaves for vacation - The company offers its employees 22 days of paid annual leave. If you are an employee and did not agree to allow your employer to take your unused annual leave before the end of the year, you must claim this annual leave by the date it was issued.
- To be eligible for paid annual leave, an employee under an indefinite employment contract must work for six months.
- Compassionate leave - On the fourth day, payments are made available through Cape Verde's social security program to all eligible employees. A medical certificate is required if the illness lasts for more than 30 days.
How Can Skuad Help You With Hiring in Cape Verde?
Finding and hiring people in Cape Verde is a complex process that involves a deep understanding of the relevant regulations, market trends, hiring fees, and cost of living city-wise. Focused entirely on recruiting, Skuad comes on board as a one-stop solution handling all of the minute aspects of the job. It provides you with the time and freedom to work on your project and other expansion ideas without worrying about creating jobs. Connect with Skuad Experts to know more.