Trinidad and Tobago Compensation & Benefits
Providing outstanding compensation and benefits in Trinidad and Tobago helps you instantly stand out in the job market. Candidates will be more likely to choose your positions over another company’s, and you can encourage employees to stay in their positions long-term. Without a competitive Trinidad and Tobago benefits management plan, you could experience high turnover rates or lose out on top talent.
Globalization Partners makes it easier to provide the right level of compensation and benefits through Trinidad and Tobago compensation and benefits outsourcing. Our team adds your employees to our existing payroll and benefits plan for complete compliance. Since you can use our existing subsidiary infrastructure, you’ll get to work in a day or two without having to establish your own entity.
Trinidad and Tobago Compensation Laws
Trinidad and Tobago changed its minimum wage to TT $15 in 2015 for all workers. Pay is typically monthly, and you can compensate employees using Domestic Bank Transfers (ACH) or a check. You must provide all employees with a payslip that shows the period earnings, the amount of taxes you deducted, and the NIS number.
Guaranteed Benefits for All Employees
All employees need to receive certain guaranteed benefits per Trinidad and Tobago’s compensation and benefits laws. For example, after working for one year for your company, employees should get between two and five weeks of paid vacation. Employees are also entitled to 14 days of sick leave each year. Trinidad and Tobago celebrates 14 public holidays, and you should give employees those days off with pay.
The Maternity Protection Act stipulates maternity leave for both private employers and the state. Female employees should get 14 weeks of maternity leave — six weeks before confinement and eight weeks after. While on leave, they get one month’s pay. They must work no less than 12 months to qualify for maternity leave.
How to Disperse Your Trinidad and Tobago Benefits Management Plan
When dispersing your benefits plan, you need to give out guaranteed benefits first. Then, you can provide additional benefits that truly show your employees you care. Some common supplementary benefits include:
- Acting allowances
- Overtime pay
- Housing allowance
- Cost of living allowance
- Monetary bonuses
- Money for dependents
Employees may expect these benefits even though they’re not required by law. Check to see what your competitors are offering, and consider asking employees what benefits they would appreciate most.
Restrictions for Compensation and Benefits
Companies trying to expand to Trinidad and Tobago fast often want to start working before registering a subsidiary. However, you cannot provide compensation and benefits until you incorporate in the country. The only exception is working with a global PEO such as Globalization Partners. When you choose Trinidad and Tobago benefits and compensation outsourcing, you can start working in a day or two through our subsidiary. We’ll make sure your company stays compliant, while you can focus on growing your bottom line.
Why Choose Trinidad and Tobago Benefits and Compensation Outsourcing?
Outsourcing with Globalization partners will save you time and give you peace of mind. Contact us today for more information about Trinidad and Tobago compensation and benefits outsourcing.