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Overview
Guyanese Dollar (GYD)
CURRENCY
Georgetown
CAPITAL
monthly
PAYROLL FRECUENCY
16
PUBLIC HOLIDAYS
8.4 to 14
EMPLOYER TAXES
13TH / 14TH SALARY
The 13th Salary in this region is usual and typically given at the end of the year.
Employee and employeer taxation in Guyana
Employer
Company Payroll Contributions
8.4% - 0%
National Insurance Scheme (NIS)
0% - 14%
Social Security
8.4% - 14%
Total Employment Cost
Employee
Worker Payroll Contributions
0%- 5.6%
Social Security
0% - 5.6%
Total Employee Cost
Employee Income Tax in Guyana
Worker Income Tax
0%
GYD 780,000 per year
28%
GYD 780,001 and GYD 1,560,000
40%
GYD 1,560,001 and GYD 3,120,000
45%
GYD 3,120,000 per year
Payroll Contributions in Guyana
Payroll Cycle
In Guyana, payroll outsourcing is weekly, biweekly, or monthly. Moreover, the payroll service is weekly every 7 days, fortnightly every 2 weeks, and monthly once a month. The majority of businesses conduct payroll on a monthly basis.
13th Salary
It is an extra month's income that employees receive towards the end of the year before Christmas, sometimes known as a bonus. However, it is not a guarantee and is subject to changes in corporate policy and earnings.
Employee Benefit in Guyana
Employers do not necessarily have to give benefits other than the minimum pay, NIS contributions, and leave rights.
Working in Guyana, however, may provide several benefits, including professional development opportunities, a rich and lively culture, and a low cost of living. Some of the advantages of working in Guyana are as follows:
- Professional Advancement: Because Guyana is a developing country with a booming economy, there are several possibilities for individuals to progress their professions and obtain useful experience. The country's emphasis on industries like as agriculture, mining, and oil and gas creates several possibilities for qualified people to make a difference and further their careers.
- Cultural Diversity: Guyana is a melting pot of diverse cultures, including African, Indian, Chinese, and Amerindian. You can see this diversity in the country's food, music, and festivals, making it an exciting and enriching place to live and work.
- Low Cost of Living: Compared to other countries in the region, the cost of living in Guyana is relatively low. This means that workers can enjoy a high standard of living without breaking the bank. Housing, food, and transportation costs are all affordable, making it easier for workers to save money and invest in their futures.
Visa and work permit in Guyana
Foreign citizens wishing to work in Guyana must first get a work permit as well as an appropriate visa, such as a work visa or a business visa. Visa requirements and procedures may differ depending on the applicant's nationality, thus the most up-to-date information should be obtained from the nearest Guyana consulate or embassy.
Visa requirements for Guyana vary depending on a traveler s nationality. Citizens of some countries are exempt from visa requirements for short stays, while others need to apply for a visa before they can enter the country. It is important to check the latest visa requirements for your country of origin before traveling to Guyana. Citizens of the United States, Canada, most European countries, and several other countries do not require a visa for stays up to 90 days.
However, they must have a legal passport and evidence of travel. If you are planning to stay in Guyana for longer than 90 days, you will need to apply for a visa. There are several types of visas available for Guyana. Tourist visas are valid for up to 90 days and are intended for individuals who are visiting the country for leisure or recreation. Business visas are also valid for up to 90 days and are for individuals who are visiting the country for business purposes. If you are planning to work in Guyana, you will need to apply for a work visa.
This visa is valid for up to one year and is intended for individuals who have secured PEO with a company in Guyana. To apply for a work visa, you will need to provide proof of employment, a valid passport, and other supporting documents.
VAT in Guyana
Guyana's regular VAT rate is 14%. Most products and services are subject to this tax, with few exceptions including zero-rated items.
Working Hours in Guyana
General
Monday through Friday, the usual work week is 40 hours, or 8 hours each day. Several businesses have flexible work schedules or shorter Fridays.
Overtime
Overtime compensation is payable for hours in excess of 40 per week. Moreover, time and a half (1.5x) is the usual hourly rate. It is paid for hours done over the standard 40-hour work week.
Working Week
Monday to Friday.
Employee Termination in Guyana
Termination Process
During probation, you can be terminated with one day's notice. After probation, written warnings for poor performance or misbehavior are provided before termination. Notice time for termination without cause is at least one week for every year of service, up to a maximum of six weeks. Severance compensation is also typical, with around two weeks’ salary for each year of service.
In Guyana, the termination process is governed by the Termination of Employment and Severance Pay Act. This act outlines the procedures that employers of record in Guyana must follow when terminating an employee's employment, as well as the compensation that employees must receive upon termination. Under the Termination of Employment and Severance Pay Act, an employer of record in Guyana may terminate an employee's employment contract for a variety of reasons, including unsatisfactory performance, redundancy, and misconduct.
However, the employer of record in Guyana must follow certain procedures to ensure that the termination is fair and legal. First, the EOR services must provide the employee with written notice of termination. The amount of notice necessary depends on the dimension of service of the worker. For employees who have worked for the employer of record in Guyana for less than one year, the notice period is one week. For employees who have worked for the employer of record in Guyana for one year or more, the notice period is two weeks.
It is recommended that employers and employees consult with a legal professional or the Ministry of Labor for specific information regarding the termination
Notice Period
Employees are required to give written notice to employers when resigning from a job. The duration of employment determines the notice time for termination. The notice period is one week for employees who have been with the company for less than a year.
Moreover, the notice period is two weeks for employees who have been with the company for one to five years. Also, the notice period is one month for workers who have worked for more than five years.
Severance Pay
Severance is not necessary; however, it is commonly part of a termination package to satisfy debts. The amount is determined by corporate policy and the time of service. Workers who have worked with the company for at least one year are entitled to severance pay.
The sum varies according to service length and ranges from one week's salary for each completed year of service up to five years to two weeks' salaries for each completed year of service beyond five years.
Probation Period
Incoming workers are subjected to a three to six-month probation period during which they might be fired for bad performance or behavior. Following probation, standard termination processes apply.
Employee Leaves in Guyana
Paid Time Offs
Public Holidays
There are 16 national holidays throughout the year.
Vacation Holidays
There are 0 vacation holidays throughout the year.
Sick Days
Workers with a medical certificate must receive a maximum of two weeks of paid sick leave each year.
Paternity Leave
Guyana has no statutory paternity leave.
Other Leave
Workers must receive up to two days of annual leave every month of employment, for a total of 15 working days per year.
Maternity Leave in Guyana
Female employees must receive up to 13 weeks of maternity leave, with at least six weeks used immediately after the kid is born.
There are 42 leave throughout the year.