Can an AIFC Participant and its employees choose a currency other than Kazakhstani Tenge in Contracts of Employment?
In accordance with paragraph 1 of article 5 of the Constitutional Statute of the Republic of Kazakhstan "On the Astana International Financial Centre", monetary obligations of the AIFC participants may be denominated and executed in a currency indicated in the agreement.
So, there are no currency restrictions in the agreement for the AIFC Participant, but there may be some conditions for the other party of the agreement.
As such, a non-resident of the Republic of Kazakhstan, who is an employee of the AIFC Participant, may choose Kazakhstan tenge or another currency in an employment contract, however, a resident of the Republic of Kazakhstan who is an employee of the AIFC Participant may be subject to certain conditions in accordance with the Kazakhstan legislation.
What are the essential terms of an employment agreement under the AIFC Employment Regulations? Can AIFC Participants use and adjust the model employment agreement for their own business needs?
Section 11(4) (Right to a written contract) of the AIFC Employment Regulations 2017 determines minimum provisions for inclusion into a contract of employment.
Additional terms and conditions may be agreed mutually between Employer and Employee as well as other benefits and compensations.
You can download the model employment agreement template under the AIFC Employment Regulations 2017 by visiting https://clck.ru/SdEYT.
How to calculate sick pay amount and what kind of criteria should be applied in the calculation?
Any terms and conditions relating to the sick pay must be determined by a contract of employment under section 11 (4) (Right to a written contract) of the AIFC Employment Regulations 2017.
Are AIFC Participants required to pay Social Security Contributions for own Employees? If yes, what is the amount of Social Security Contributions and when Social Security Contributions must be paid?
If the AIFC Participants employ the Kazakh nationals the Social Security Contributions must be covered by the employer in the amount of 9.5%. Such requirements as well as calculation method are carried out in accordance with the legislation of the Republic of Kazakhstan.
Does an AIFC Participant have to comply with the requirements of the Labour Code of the Republic of Kazakhstan on matters not governed by the AIFC Employment Regulations 2017?
An AIFC Participant does not have to comply with the requirements of the Labour Code of the Republic of Kazakhstan since labour relations are governed by the AIFC Employment Regulations 2017. An AIFC Participant may comply with the Labour Code of the Republic of Kazakhstan as long as it does not contravene with these Regulations.
It must be noted that the AIFC Employment Regulations 2017 provide minimum employment standards and do not prevent the Employer from providing more favourable terms and conditions of employment in the internal rules of the Employer.
If I have to use AIFC employment law for hiring staff, how far can I adapt it for my own purposes?
AIFC Employment Regulations 2017 provide minimum employment standards, and do not prevent the Employer from providing more favourable terms and conditions of employment when hiring an Employee than those required under these Regulations.