Hiring and Termination
As an Employer of Record, Excel Guyana Inc has the legal capacity to hire, renew, and terminate employees as advised by the client. This means that it can enter into binding and legal contracts among employees on behalf of its client.
Processing of Payroll
We shall provide compensation to the employees and process the necessary deductions (NIS, PAYE), expenses, leave credits, among others. Providing the mandated benefits and ensuring remittance of social contribution – The EOR service provider must ensure that the mandated benefits are provided, and the necessary social contributions are remitted.
Facilitating Tax Remitances
Since the Employer of Record acts as the legal employer on paper, it should facilitate the necessary tax returns of the company and the employees and comply with all the necessary documentary and reportorial requirements.
Employee Income Taxes
The two-tiered income tax is applied to chargeable income as follows:
- Under GYD $1,560,000 = 28%
- Above GYD $1,560,001 = 40%
- Monthly
- Fortnightly
- Weekly
Wages
The statutory minimum wage in Guyana is GYD $60,147 per month.
The statutory minimum wage in Guyana is GYD $2,776 per month.
The statutory minimum wage in Guyana is GYD $347 per month.
Holidays & Vacation Time
In Guyana, employees who work on a weekly, fortnightly, or monthly basis are entitled to one working day for every completed month of service. Employees who are paid daily receive one working day of vacation for every 20 days worked, while employees paid on an hourly basis receive one working day of vacation for every 160 hours worked. Additionally, there are fifteen public holidays in Guyana.
- New Year’s Day (1 Jan)
- Republic Day (23 Feb)
- Holi (7 Mar)
- Good Friday (7 Apr)
- Easter Monday (10 Apr)
- Labour Day (1 May)
- Arrival Day (5 May)
- Independence Day (26 May)
- CARICOM Day (3 Jul)
- Eid al-Adha (29 Jun)
- Emancipation Day (1 Aug)
- Youman Nabi (28 Sep)
- Diwali (12 Nov)
- Christmas Day (25 Dec)
- Boxing Day (26 Dec)
Holidays with Pay Act – Cap 99:01
Payroll Cycle
Employers contribute 8.4% towards social security
Employees contribute 5.6% towards social security.
Severance
One week’s wages for such completed year of service for the first five years including the entitlement year.
Two weeks wages for each completed year of services after the fifth year and up to the tenth year.
Three weeks wages for each completed year of service in excess of 10 years up to a maximum of 52 weeks.
Termination of Employment and Severance Pay Act – Cap 99:08
Termination
Two week’s notice is required if the employee has been employed for less than a year. One month’s notice is required if the employee has been employed for more than a year.
Guyana law protects employees from illegal termination of employment and because there are a range of reasons an employee can be terminated; it is important for companies looking to hire Guyanese workers to reach out to Excel.
Termination of Employment and Severance Pay Act – Cap 99:08
Payroll Cycle
The normal work week is legislated as 40 hours over not more than 5 days. Any hours of work beyond normal hours are remunerated as overtime in accordance with applicable law.
Overtime laws in Guyana are complex and can change depending on the employee and different variables. Let us help you manage it.
Health Insurance & Supplementary Benefits
We believe that remote employees should be able to access their local, as well as a high standard international benefit anywhere they are. Details about international or country specific benefit packages can vary.
Types of Leave
Sick leave in Guyana includes complex rules on the duration of the leave. Payment for sick leave is made by the National Insurance Scheme after the third day of illness.
National Insurance Act – Cap 36:01
Guyana has no unpaid childcare leave.
- Trade union education
- Bereavement leave
- Sports, education, and jury service
Our goal is to find the right person for the right job for the right client.
The benefits of growing a local team and finding the best talent are endless. It’s important to note that labour laws and regulations in Guyana are strict with penalties for non-compliance. Let our team take care of the details such as payroll, benefits, compliance, taxes, and admin so you can focus on growing your business. We are here to help you every step of the way.
