Hire in Peru
Peru is one of the fastest-growing economies in Latin America. It is known to have the world’s biggest reserves of silver and Latin America’s largest reserves of gold, lead, and zinc. The Peruvian coast is known for its marine resources and its agro-industrial export sector, including asparagus, blueberries, table grapes, avocados, organic bananas, and paprika. The Amazon basin has abundant oil and natural gas reserves as well as abundant forest resources. Currently, the service industry is the main contributor to the country's GDP, and about 60% of the GDP comes from this sector. Telecommunications and financial services are the main branches of the service industry and together account for almost 40% of the GDP. Peru’s local currency is Nuevo Sol.
Population: 32.97 million
GDP: 22,6848.1 million USD
According to the report by the State of the Internet, the average connection speed in Peru is 6.2 Mbps, and the average maximum connection speed is 47.5 Mbps per second. Peru's average connection speed is ranked 91 out of 143 countries in the world. Internet access in Peru varies by location. This is a rugged country with many isolated cities, some of which are poorer than others and have less developed infrastructure.
Generally speaking, the fastest and most reliable Internet connection can only be found in the main cities of Peru. Lima tends to have the fastest internet in Peru, especially in areas like Miraflores and San Isidro. The Internet in Cusco is fine, but the speed may fluctuate if you try to upload or download large files. A notable exception to the metropolitan rule is Iquitos. In recent years, Internet speeds in Iquitos have improved tremendously (they stayed at dial-up speeds for a long time), but they are still very slow. Chachapoyas, despite all the recent investments in the city and the Amazon region in general, the Internet connection is also not up to the mark.
54% of companies worldwide report a talent shortage—the highest level in more than a decade. Because the talent shortage is so severe, employers are faced with the challenge of meeting the needs and demands of the increasingly demanding labor force. To be successful, they must understand what employees want as part of the overall talent strategy.
Large companies (more than 250 employees) have difficulty performing functions, followed by medium-sized (50-249 employees), micro (less than ten employees), and small companies (10-49 employees).
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Cost of Living
Peru is one of the countries with the lowest cost of living in South America. In most areas outside of Lima, one can pay a basic monthly fee of USD 2,000 or less. As with the quality of life in remote areas, the cost of living in the capital is higher. If one owns their property, USD 1,500 per month is enough to make ends meet.
Although the prices of many services and amenities across the country are similar, the cost of real estate in one city is very different. Renting or buying an apartment with sea views in an exclusive area in Lima can be more expensive than an apartment in Arequipa. One can have a hard time finding a modern three-bedroom house in Miraflores for less than USD 500,000. Large condominiums in high-end areas sell for more than USD 175,000. However, in smaller urban centers and rural areas, prices are much lower. In Arequipa or Trujillo, home prices are more likely to start at around USD 200,000 or less.
- Family of four estimated monthly costs is 5,994.85 Sol without rent.
- A single person's estimated monthly costs are 1,710.96 Sol without rent.
The lowest pay permitted by law starts at 750 Sol per month for all workers. The permitted maximum working days out of every week is six days, with either eight working hours or 48 hours in a week. A representative has the privilege of at least 45 minutes of the mid-day break.
- Extra time: The concurred sum should stay between the business and the worker. Nonetheless, a company can't pay under 25% of the total compensation of the representative on the initial two hours of additional time. Each additional hour after those two hours will draw in an extra charge of at the very least 35% each hour.
- Week by week rest: A worker should get a 24-hour rest each week. It is as a rule on Sundays for other businesses. Be that as it may, a representative can work on Sunday and take the day off on another day of the week. On the off chance that the business goes to labor for seven days every week, one day's total compensation is made for an additional day worked.
- Night shift: The night shift formally starts at 10.00 pm and closes at 6.00 am. The worker's compensation for the night shift can't only be precisely their month to month, the lowest pay permitted by law; they are qualified for an additional charge of 35%.
- Preliminary time: They permit a 3-month preliminary for normal staff. It additionally stretches to an additional three months. During this period, it doesn't qualify the worker for any privileges of self-assertive excusal. The business may give the certification or confidence in representatives being investigated somewhere between the range of six months and a year for the executive’s positions.
- Low maintenance business: Low maintenance representatives work for under four hours per day. For six days per week, such a worker can work for as long as 24 hours every week. On account of five working days, low maintenance representatives should work for under 20 hours per week.
- Benefits Framework: The business laws in Peru give each worker the option to join the Public Annuity Plan or the Private Benefits Framework. The pertinent rate for the two frameworks is 13%, which is typically paid by the business and deducted straightforwardly from the worker's compensation, and stored straightforwardly to the plan.
Peru Remote Hiring Trends 2022
Peru’s economy is one of the fastest-growing in the region, with an expected 3.4% expansion in 2022. The nation is also an emerging leader in globally-outsourced tech talent, as the Peruvian government has implemented strategies to produce more educated computer-science and technology professionals.
Increase in tech workers
The rate of outsourcing employees in Latin America for tech positions increased by 286% in the second half of 2021, the highest rate in the world. One of the leading contributors to this statistic is Peru, with the tech sector being a major industry for outsourcing here. In recent years, Peru has greatly invested in start-ups and established its tech universities as some of the best in Latin America.
With its highly-educated tech workforce and low wages due to Peru’s cost of living, many international companies are looking to Peru to outsource quality tech talent. A typical Peruvian in the IT field earns roughly $23,439 USD per year – a much lower rate than tech professionals earn in, say, the United States.
Top in-demand job roles in Peru in 2022
As the global work world has digitized, industries with jobs that can be performed remotely have become highly in-demand. With the success of government initiatives in the past decade to grow Peru’s STEM workforce, the in-demand jobs in Peru are primarily in the tech industry. The top job titles in demand in Peru are:
- Systems Engineer
- Senior Project Manager
- Product Designer
- Software Programmer
- Statistical Analyst
The top companies hiring in Peru are:
- NTT Data
How Can Skuad Help You With Hiring in Peru?
Hiring in Peru is a multi-faceted task requiring in-depth knowledge of the laws, trends, hiring costs, living costs city-wise, and more. Skuad comes onboard as a one-stop solution handling every minute aspect of recruitment. It gives you the freedom and time to focus on your project and expansion plans without any hiring stress. Connect with Skuad Experts to know more.