Lithuania is not a large country; however, it boasts a young population and a skilled workforce. As a matter of fact, Lithuania has one of the youngest populations among European countries, which is also available for the labor force.
In the last few years, the Lithuanian economy performed quite well, which helped not only companies here, but also the population, as the unemployment rate fell significantly.
If you want to open a company in Lithuania and need more information on the employment regulations, our local consultants can advise you.
The qualities of the workforce in Lithuania
As mentioned above, Lithuania has one of the youngest workforces in Europe, which make the country very appealing to foreign investors and companies seeking to set up their presence here.
Among the most important qualities of the Lithuanian labor force we mention the following:
- – being made of young individuals, the computer literacy rate among employees is very high;
- – Lithuanian employees also have foreign languages skills, English is one of the most spread foreign languages here;
- – most of the employees work in industries like manufacturing and finances, which are two of the most important economic sectors in the country;
- – there are almost no differences between the employment rate for men and women in Lithuania.
The Lithuanian workforce is also one of the most skilled when it comes to using computers. Also, the government has invested a lot in training facilities in order to help companies.
The new Labor Code in Lithuania
In 2017, Lithuania amended its Employment Law in order to help both employers and employees. Among the new provisions of the Lithuanian Labor Code are:
- – the introduction of new types of employment contracts and terms of renewal of fixed labor contracts;
- – the possibility for employers to terminate a labor contract without the fault of the employee;
- – the introduction of non-compete clauses in employment agreements (the old Labor Code did not provide for such clauses);
- – employees now have the right to be represented by work councils or trade unions;
- – new advantageous provisions related to annual leave and payment of overtime.
For full information on the rights and obligations of employers, but also for assistance in starting a business, please contact our company registration agents in Lithuania.