Ghana Compensation & BenefitsReading Time: 2 minutes
When you find an employee who works hard, mentors new hires, and helps your company grow, you want to hold onto them. Two ways to show your employees you appreciate them are compensation and benefits. Paying your employees beyond the minimums stated in Ghana’s compensation laws, as well as offering a robust Ghana benefits plan, can encourage greater retention rates. Plus, meeting all the statutory requirements will ensure that you stay compliant.
You can trust Globalization Partners to take the stress out of sourcing benefits and providing compensation through Ghana compensation and benefits outsourcing. We use our Ghana PEO to provide an entire suite of global expansion services, which you can take advantage of without establishing your own subsidiary. We’ll save you time so that you can focus on running your business.
Ghana’s Compensation Laws
The Ghana National Tripartite Committee (NTC) announced an increase in the country’s minimum wage that went into effect in January 2019. Now, Ghana’s compensation laws stipulate a minimum wage of 10.65 Ghanaian cedi instead of 9.68 Ghanaian cedi. You must pay all salaries, wages, and allowances in legal tender in addition to any non-cash remuneration.
Guaranteed Benefits in the Country
Your Ghana benefits management plan will probably include numerous benefits, but we recommend starting with those guaranteed by law. For example, the country celebrates 12 national holidays, and employees should get those 12 days off with pay. All employees are generally entitled to at least 15 days of paid annual leave as well.
Female employees in Ghana usually receive at least 12 weeks of paid maternity leave. Currently, the country does not mandate any paternity leave, but the government is working on passing legislation for five days of paid paternity leave.
How to Disperse Benefits in Ghana
When you’re ready to give out employment perks, you should consider adding supplemental benefits to your Ghana benefit management plan. Additional benefits will encourage employees to work for you for years to come. Ghana currently offers national health insurance that covers basic health services for all citizens. However, you could offer additional health benefits or choose to give employees a monthly stipend for them to find their own health care.
Restrictions to Know for Compensation and Benefits
The biggest restriction companies face when trying to give out compensation and benefits is incorporation. You must have a registered entity in the country to hire employees legally unless you work with a global PEO like Globalization Partners. We also act as the Employer of Record, so we’ll be the ones responsible for Ghana’s compensation and benefits laws instead of you. When you choose to work with us, you can manage your company while we manage the risk.
Work With the Globalization Partners Team
Globalization Partners has a full team with global expansion experience. We’re ready to put our knowledge to work for you through Ghana compensation and benefits outsourcing and our global expansion platform. Reach out to us today if you’re ready for more information.