Guinea-Bissau Compensation & Benefits
When you accepted an offer for your first job, you probably negotiated over two key factors — compensation and benefits. The same is true for your new employees in Guinea-Bissau. When you meet or exceed Guinea-Bissau’s compensation laws and statutory benefits requirements, you can stay compliant and also keep employees happy.
Unfortunately, many companies don’t understand Guinea-Bissau’s regulations or simply don’t have the time to source benefits and compensation. That’s what Globalization Partners solves with our Guinea-Bissau compensation and benefits outsourcing services. We’ll add your employees to our payroll and benefits plan, then ensure you stay compliant while working in the country.
Guinea-Bissau Compensation Laws
Guinea-Bissau’s national minimum wage is 19,030 CFA francs per month and applies to all categories of work. Employees also receive a bag of rice per month in addition to their paycheck. The minimum wage last changed in 2015, however, so you should watch for any future changes that could impact your company and what you pay employees.
The standard workday in Guinea-Bissau is eight hours. Any evening overtime work should be paid at 25%, while weekend overtime work is paid at 50%.
Benefits Required by Law
It’s important to put a Guinea-Bissau benefits management plan together before you begin to recruit and hire employees. Start by providing time off for the country’s nine holidays and another 21 days of paid annual leave. Employees should also receive at least five days of paid sick leave.
Another key benefit is maternity leave. Female employees must receive at least 60 days of paid maternity leave. However, the country does not have any statutory paternity leave requirements. It’s also recommended that you provide a private healthcare scheme to all employees, but it’s not required by law.
Dispersing Additional Benefits
Once you put together your benefits plan, you must disperse statutory and additional benefits to all employees. Market norm benefits will show your employees that you care, and it may encourage them to work longer for your company. In addition to a private insurance plan, try giving out paid paternity leave, performance-based bonuses, and other benefits that employees may expect. If you’re not sure what employees would appreciate the most, ask them, and ensure that they get the best benefits you can provide.
Restrictions for Your Guinea-Bissau Benefits Management Plan
The biggest restriction for compensation and benefits in Guinea-Bissau is a subsidiary. You need to incorporate in the country before you can officially work or pay your employees. Doing so can take weeks or months, and then it will take even longer to learn Guinea-Bissau’s compensation laws and benefits requirements.
Globalization Partners provides Guinea-Bissau compensation and benefits outsourcing that can make your expansion easier. You can use our subsidiary instead of setting up your own, then feel confident that your employees will get the right benefits and payments every time. While we handle the big picture of your expansion, you can focus on growing your bottom line.
Work With Globalization Partners
Choose our team as your global PEO to enjoy a fast and easy expansion. Contact us today to learn more about Guinea-Bissau benefits and compensation outsourcing.