Over the last thirty years, the Island’s economy has changed significantly from one based upon agriculture, fishing and tourism, to an economy, which is now centred around high-value sectors such as financial services, construction, distribution, manufacturing and professional and scientific services. This economic diversity has created very low levels of unemployment and a highly skilled workforce.
National Insurance and ITIP (equivalent to PAYE) deductions must be made by employers, very much as they would in the UK however, the Island has a simple system of employment legislation, which offers enhanced protection for workers without placing excessive restrictions or burdens on employers.
Whilst there is understandably an emphasis on the use of local labour, the Government recognises that companies new to the Island may need to bring key personnel with them; individuals who do not have ‘Manx Worker’ status i.e. a person born or resident on the Island for a period of five years continuously will require a work permit, full details of which are available from the Department of Economic Development.
The Island’s Department of Economic Development also operates a Financial Assistance Scheme, which provides a range of financial support to eligible businesses including training grants. In addition, the Island boasts a number of employment agencies and specialist recruitment companies, who can source staff across the full range of industry sectors.