The fully loaded cost typically includes employee’s Salary, the cost of services charged by the EOR provider and any optional Benefits or reimbursement that you offer to the employee.

Employees in other product companies typically have a Group health Insurance cover, IT equipment provision and support, HR support for managing leaves, attendance, work rules, expense reimbursement, Payroll management, Employee taxes management. Your remote engineers in India also expect you to offer the above services.

In case the company or recruiter is aware of the local rules and nuances in India, they can either advertise on one of the several job boards (like hirist, iimjobs, linkedin jobs) or find the right candidates on one of the talent marketplaces (like Naukri, Linkedin RPS etc.). 
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In the other case, they are advised to use the services of the one of the recruitment service provider companies (eg. Wisemonk), who speak to the candidates to establish the right fit and are also invested in your company much after the hiring decision has been made.

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On contract basis, the contractor is required to make necessary disclosures and file their taxes in India. 

On employment basis, the employer is expected to take care of local legal requirements such as no-dual employment, local reporting, PF, ESI etc. You local EOR partner typically provides for these services

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Yes, with EOR, you are upgrading the fundamental nature of the work contract to that of employment, without setting up a local entity. An employee works for one company and is therefore subject to the rules and obligations set forth by that company. A contractor, by contrast, has the choice to work for one or multiple organizations; in fact, it is common for contract workers to juggle several clients at one time.

Yes, the contractor or employee can receive the payment in USD and convert it to local currency at their discretion.