Libya is a country in North Africa in the Maghreb region. The GDP of Libya has been improving slightly since 2022. The State of Libya mainly focuses on agriculture, Information service, and services.
Tripoli, Benghazi, Zawiye
Top local universities in Libya are:
The average monthly salary for some jobs available in Libya is as follows:
|Job Title||Average Monthly Salary (LYD)||Average Monthly Salary (USD)|
|Financial Manager||4,640 LYD||978 USD|
|General Manager||4,130 LYD||871 USD|
|Business Development Manager||3,780 LYD||797 USD|
|Financial Analyst||3,080 LYD||649 USD|
|Business Analyst||3,000 LYD||632 USD|
|Project Manager||2,680 LYD||565 USD|
The payroll cycle in Libya is Monthly.
In Libya, the minimum wage is 450 LYD.
In Libya, work done over 48 hours a week is considered overtime. Also, it varies on the employment contract or collective agreement. Overtime pay is 150% of the regular wage.
Libya has no provision for a 13th-month pay bonus.
|Fund||Foreign Branch Contribution||Local Branch Contribution|
|Social Security||3.75% (For both Foreign and Local Entity)|
|Social Unity Fund||1%|
Personal Income Tax
|Annual Taxable Income||Tax Rate|
|Up to 12,000 LYD||5%|
|Above 12,000 LYD||10%|
|Up to 50 LYD per month||1%|
|Up to 100 LYD per month||2%|
|Above 100 LYD per month||3%|
In Libya, there is no VAT.
An employer can terminate a fixed contract based on misconduct in business or work. However, the termination of the employment contract must be done in writing with a notice period. After termination, the employee must be provided with all the documentation from the employer.
The notice period in Libya is 30 days.
In Libya, there is no provision for severance pay.
An individual must have a work visa to work in Libya. There are strict processes in Libya for visas and permits. The employer should initiate the work visa on behalf of the individual. Employment contracts are a must for any individual to work in Libya.