Your employees may choose a specific position over another for a variety of reasons. They may appreciate the proximity of the office to their home or like the particular employee perks. However, many employees choose a certain job or company because of the compensation and benefits involved.
Globalization Partners can help you meet Guinea’s compensation laws and add your employees to a compliant benefits plan. We’ll also act as the Employer of Record to handle compliance for your company. Our Guinea compensation and benefits outsourcing services will also help save you time, allowing you to focus on running your company.
Guinea Compensation Laws
Guinea’s national minimum wage is 550,000 GNF per month (as of June 2022), which is about $64. However, this amount does not apply to domestic workers. Employers have to pay wages to employees who are part of a collective bargaining agreement (CBA) at least once a month or twice a month with intervals not exceeding 15 days.
It’s important to note that Guinea’s compensation laws can change if there’s a collective bargaining agreement (CBA) that your employees are a part of. You’ll have to follow those guidelines if they’re greater than the statutory minimums. Always watch for any CBAs impacting your industry or your company to stay compliant.
Guaranteed Benefits in Guinea
Adding guaranteed benefits to your Guinea benefit management plan is essential to staying compliant. The country has 11 public holidays, and you should give employees those days off. Guinea’s vacation policy is 2.5 days of paid leave per month worked with your company. Finally, employees should receive 26 weeks of paid sick leave.
Employees also care about maternity and paternity leave. Female employees must receive 14 weeks of paid maternity leave. While there’s no statutory paternity leave in Guinea, your company could choose to provide a few days off as an additional benefit.
Guinea Benefits Management
The best way to get the most out of your Guinea benefits management plan is to disperse supplemental benefits along with the statutory ones. Guinea utilizes a fee for use community-based health care system, so you may want to offer a private health care plan. Or you can give employees a stipend every month so that they can find their own health care plan. A company car, performance-based bonuses, education stipends, and similar benefits are common additions that employees may want.
Restrictions for Benefits and Compensation
You cannot disperse compensation and benefits until you officially register a subsidiary in Guinea, but it can take weeks or months, without any delays, before you’re ready to work in the country officially. Fortunately, Globalization Partners can help you start working faster with Guinea benefits and compensation outsourcing and our entire suite of global expansion services. When you partner with us, we’ll help you start working in as little as a day or two.
Choose Globalization Partners Today
Globalization Partners is here to make it easier for you to expand to new countries. Contact us today to learn more about Guinea compensation and benefits outsourcing.
THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE LEGAL OR TAX ADVICE. You should always consult with and rely on your own legal and/or tax advisor(s). G-P does not provide legal or tax advice. The information is general and not tailored to a specific company or workforce and does not reflect G-P’s product delivery in any given jurisdiction. G-P makes no representations or warranties concerning the accuracy, completeness, or timeliness of this information and shall have no liability arising out of or in connection with it, including any loss caused by use of, or reliance on, the information.