Holiday
Taking time off is a human right. According to the Holidays Act, employees have the right to 5 weeks of holiday per year. The holiday is usually scheduled in consultation with the employer. Even if a worker has been with an employer for less than 1 year, they still have the right to take holiday, but the holiday pay is earned over a year at a time.
Employment Contract
When you start a new job that lasts longer than 1 month, and which on average is more than 8 hours per week, you must remember to obtain an employment contract from the employer.
The Wage Guarantee Fund
The Wage Guarantee Fund for Catches and Wages, usually just referred to as Trygdargrunnurin, is a fund into which all employers in the Faroe Islands pay contributions. It can provide you, as an employee, with the wages owed to you if your workplace goes bankrupt.
In order to receive a payout from the Wage Guarantee Fund, the following conditions must be met:
You must notify the fund of your claim.
You must be able to prove your claim.
You must have earned the wages within the last 90 days prior to the cut-off date (reference date).
The employer must be unable to pay the wages themselves.
You must submit the application for the wages owed to you to the Wage Guarantee Fund yourself. The notification deadline is 4 weeks.
The Executive Order
Section 2. The deadline for notifying the fund is 4 weeks. The deadline is calculated as follows:
In the event of bankruptcy, from the date the bankruptcy petition is sustained.
When the employer dies and the estate is taken under probate administration according to Chapter III of the Probate Act, from the date the statutory notice to creditors (proklama) is published.
When the company ceases operations and it is verified that the employer is unable to pay the claim, from the date determined by the fund.
Subsection 2. A notification will not be processed if it is submitted later than the deadlines specified in subsection 1.
Subsection 3. Under special circumstances, the fund may grant exemptions from the deadlines mentioned in subsection 1.
The application must be received no later than four weeks after the cut-off date.
See more information here.