Compensation and benefits management is a significant aspect of any company, small or large. This process must consider regulations within a country and as well as the needs and expectations of employees. When you expand internationally, it can be a challenge to include all the legal requirements for your employees abroad. With Globalization Partners, we support your international expansion in Guyana with benefits outsourcing.
Guyana Compensation Laws
Guyana doesn’t have a national minimum wage, but they do have wage minimums according to industries. Much like working hour regulations, minimum wages depend on the difficulty and frequency of work. The Labor Act and Wages Council Act outline any requirements regarding employee payment. As of July 1, 2022, the minimum wage for private sector workers is GYD 60,147.
The process for establishing minimum wages for an industry begins with a meeting between the Minister of Labor and the Advisory Committee. This committee consists of workers and employers who propose a rate. Once the parties agree upon a minimum wage, the Minister will publish the ruling in the Official Gazette.
When an employee works over their prescribed hours, they receive 1.5 times their standard wages. Collective agreements and industry regulations outline any limitations on overtime hours per week.
Guaranteed Benefits in Guyana
Employees must receive a selection of benefits as covered in the Labor Act. These benefits include vacation leave, holidays, and maternity leave. Workers earn vacation days according to the amount they’ve worked. Standard full-time employees scheduled weekly, biweekly, or monthly must earn one vacation day for every month worked.
Holidays are not paid, but all employees receive 15 public holidays off. Women are guaranteed 13 weeks of maternity leave, and their position is secured throughout their rest.
The Labor Act covers these general benefits for every employee, regardless of industry or sector. However, collective agreements and industry laws may outline other minimums. Typical benefits outlined in collective agreements include payment for holidays, paid sick days, and specialty leave.
Guyana Benefits Management
While it’s necessary to meet the benefits outlined in the country’s labor laws and collective agreements, employers can provide more than the statutory minimums. Extra employment perks are an excellent way to encourage hard work and make your company competitive in the professional landscape. Potential additional benefits could include the following:
- Private health insurance
- Paternity leave
- Meal vouchers
- Opportunities to work from home
- Holiday bonuses
Excellent benefits management encompasses your employees’ needs without surpassing your financial abilities as a company. At Globalization Partners, we simplify perks and compensation with our legal team and scaling benefits packages.
Our team ensures your compensation practices meet all legal requirements in the country, from industry regulations to collective agreement terms. On top of providing the proper wages, we design a selection of benefits packages for you to choose from, and every plan includes the legal minimums. As your company grows, you can choose the arrangement that works best for you and your employees.
With our benefits management support, you can accommodate your employees’ needs without exceeding your means.
Restrictions for Benefits and Compensation
The Wages Council Act and collective agreements cover any restrictions regarding compensation and additional provisions. Collective agreements are subject to regular updates, so it’s vital to remain connected to changing policies and terms.
One of the best ways to stay updated on regulation changes is by watching the decrees published in the Gazette. If an employer fails to meet regulations, they are subject to a predetermined amount in fines.
Choose Globalization Partners Today
As an international employer, you need your employees to receive the wages and benefits they’re entitled to by law. At Globalization Partners, our compensation and benefits outsourcing ensures you meet and exceed legal minimums. Talk to our team today to learn more about what we can do for your international expansion.