Run your business seamlessly with Neeyamo as we help you go beyond borders to manage your international payroll and hire new talent in Trinidad and Tobago.
Overview
Trinidad and Tobago is a twin island country located in the southeastern West Indies, consisting of the main islands Trinidad and Tobago and several smaller islands.
It is situated 11 kilometers off the coast of northeastern Venezuela and 130 kilometers south of Grenada.
Trinidad and Tobago is a high-income country with a mixed economic system. The economy is heavily dependent on the oil and gas sector, which accounts for about 37% of GDP and 70% of exports. Other important sectors include tourism, manufacturing, and financial services.
Do your organization’s expansion plans require you to hire employees in the Isle of Man? Do you lack a physical entity in the country – a key requisite to hire local talent? Neeyamo - Global Payroll Services assists organizations worldwide with onboarding and managing employees in the Isle of Man- processing payroll and payroll accounting, managing local compliance requirements, benefits, and more.
Tools And Instances
Facts And Stats
Capital
Port of Spain
Currency
Trinidad and Tobago Dollar (TTD)
Official Language
Trinidadian English Creole
Fiscal Year
1 October - 30 September
Date Format
dd/mm/yyyy
Country Calling Code
+1-868
Time Zone
Atlantic Standard Time (AST) - UTC-4
Global Payroll
Overview
Handling payroll for a widespread workforce can pose as a major challenge for any firm. The added complication of compliance can make things worse and drastically effect the time and efforts that can be used in other equally important aspects of an organization's development.
Over the years, Neeyamo has observed these complexities and strived to provide a global payroll solution through a single technology platform, Neeyamo Payroll.
Payroll Taxes
Payroll tax is the percentage amount retained from an employee's salary and paid to the government to invest in the general population's welfare. These are statutory in nature and are levied from both the employer and employee. Additional statutory contributions are made by employers towards aiding both short-term and long-term benefits for their employees. Neeyamo aids you in completing all your payroll and tax accounting needs.
Employee Taxes
Employee Payroll Contributions
National Insurance Scheme (weekly contribution depending on the employee’s weekly earnings – The maximum rate is 414.30 TTD per week for monthly income over TTD 13,600 TTD) : $11.90 TTD to $138.10 TTD
Health Surcharge (maximum weekly contribution income over 470 TTD) : 8.25%
Total Employee Cost : 11.90 TDD to 138.10 TDD + 8.25%
Employee Income Tax
Up to 1 million TTD (Trinidad and Tobago Residents pay no taxes on their first $84,000 of income) : 25.00%
1 million TTD and above : 30.00%
Employer Taxes
Employer Payroll Contributions
National Insurance Scheme (weekly contribution dependent on the employee’s weekly earnings – The maximum rate is 414.30 TTD per week for monthly income over 13,600 TTD) : $23.80 TTD to $276.20 TTD
Total Employment Cost - 23.80 TDD to 276.20 TDD
Payroll Cycle
Overview
Undoubtedly, payroll is a critical aspect of any organization. The Pay cycle is a notable feature of it that provides a sense of accountability for an employee to be paid consistently for their work.
Frequency
The frequency cycle is Monthly.
13th Month Cycle
Christmas bonuses or 13th pay are not mandatory in Trinidad and Tobago.
Global Work
Overview
An Employer of Record service provider helps you get rid of the hassle of handling the complexities that come with setting up a new employee in remote locations. They act as legal employers, facilitate salary payments, and handle everything from health insurance. payroll taxes, and employee benefits to comply with local tax laws and regulations.
This ensures that the client company can focus on the employee’s everyday tasks safely in the knowledge that they have a cost-effective solution as they continue their global expansion.
HR Mandates and Practices
Minimum Wage
The minimum wage in Trinidad and Tobago is currently $17.50 per hour.
Overtime
Overtime rules in Trinidad and Tobago are set out in the Minimum Wages Order, 2010. The order states that employees who work more than eight hours per day or 40 hours per week are entitled to overtime pay.
Overtime pay is calculated at the following rates:
- For the first four hours of overtime worked in a day or week, employees are entitled to one and a half times their regular rate of pay.
- For overtime worked beyond the first four hours in a day or week, employees are entitled to double their regular rate of pay.
Data Retention Policy
There is no specific data retention law in Trinidad and Tobago. However, there are a number of laws and regulations that govern the retention of personal data, including:
- Data Protection Act 2021: This law requires organizations to collect, use, and disclose personal data in a fair and transparent manner. It also requires organizations to retain personal data for only as long as is necessary for the purpose for which it was collected.
- Financial Intelligence Unit Act 2000: This law requires financial institutions and other designated entities to retain records for at least seven years.
- Companies Act 1995: This law requires companies to retain certain records, such as financial statements and minutes of meetings, for at least six years.
Hiring and Onboarding Requirements
Hiring
Hiring and Preferences:
The following are the general employee hiring requirements in Trinidad and Tobago:
- The applicant must be at least 16 years old.
- The applicant must be a Trinidad and Tobago citizen or a resident with a valid work permit.
- The applicant must have the required qualifications and experience for the job.
- The applicant must be able to pass a background check.
Onboarding
The documents required during onboarding are:
The following are some common employee onboarding documents in Trinidad and Tobago:
- Employment contract: This document sets out the terms and conditions of employment, such as the job title, salary, benefits, and termination policy.
- Job description: This document describes the job duties and responsibilities, as well as the required qualifications and experience.
- Company policies and procedures: This document outlines the company's policies and procedures on a variety of topics, such as dress code, workplace safety, and employee conduct.
- Employee handbook: This document provides an overview of the company's culture and values, as well as information on employee benefits and resources.
- Non-disclosure agreement (NDA): This document protects the company's confidential information.
- Tax forms: Employees must complete tax forms so that their employer can deduct taxes from their paycheck.
- National Insurance Board (NIB) registration form: Employers are required to register all new employees with the National Insurance Board (NIB) within seven days of employment.
Probation
There is no statutory probation period in Trinidad and Tobago. This means that there is no law that requires employers to give their employees a probationary period. However, many employers do choose to have a probationary period for new employees.
The length of the probationary period typically depends on the job and the company's policies. However, most probationary periods are between three and six months.
Leave
Public Holidays
The following leaves are observed in Trinida & Tobago
- Jan 1: New Year's Day
- Jan 2: New Year Holiday
- Mar 30: Spiritual Baptist Liberation Day
- Apr 7: Good Friday
- Apr 10: Easter Monday
- Apr 22: Eid ul-Fitr
- May 30: Indian Arrival Day
- Jun 8: Corpus Christi
- Jun 19: Labour Day
- Aug 1: Emancipation Day
- Aug 31: Independence Day
- Sep 24: Republic Day
- Sep 25: Republic Day Holiday
- Nov 12: Divali
- Nov 13: Divali Holiday
- Dec 25: Christmas Day
- Dec 26: Boxing Day
Annual Leave
There is no statutory leave policy in Trinidad and Tobago. This means that there is no law that requires employers to provide their employees with paid leave. However, many employers do offer their employees paid leave as a benefit.
The amount of paid leave that an employee is entitled to typically depends on their employment contract and the company's leave policy. Some common types of paid leave include:
- Vacation leave
- Sick leave
- Maternity leave
- Paternity leave
- Bereavement leave
- Public holidays
Maternity Leave
As of September 2021, following are the criteria for when it comes to maternity leave in Trinidad & Tobago:
- Maternity leave in Trinidad and Tobago lasts for a minimum of 14 weeks.
- Eligibility requires at least 12 months of continuous employment.
- Employees must provide two weeks' notice before starting maternity leave.
- Maternity benefits provide a percentage of average weekly earnings.
- Dismissal during maternity leave or within six weeks after return is prohibited.
- Breastfeeding breaks are also supported.
Sick Leave
As of September 2021:
- Employees in Trinidad and Tobago are generally entitled to sick leave when they're ill or injured.
- Employers may require notice and medical certificates to substantiate sick leave.
- The duration and payment during sick leave vary by employer and employment contract.
- Employees are typically protected from dismissal during or immediately after sick leave.
Termination
Overview
The employer may conduct an exit interview with the employee. This is an opportunity for the employee to provide feedback on their experience at the company and for the employer to gather information about the employee's termination.
Notice Period
The termination notice period in Trinidad and Tobago depends on the employee's length of service:
- Less than one year of service: No notice required
- One year or more of service: One month's notice
Severance Pay
Severance pay in Trinidad and Tobago is a lump-sum payment that is made to employees who are terminated for reasons other than misconduct. The amount of severance pay that an employee is entitled to depends on their length of service and their salary.
Visa
Overview
To obtain a work permit in Trinidad and Tobago, foreign nationals must submit an application to the Ministry of National Security. The application must include the following documents:
- A completed and signed application form
- A copy of the applicant's passport
- A police clearance certificate from the applicant's country of residence
- Educational and experience certificates (if required)
- A job offer letter from an employer in Trinidad and Tobago
- Payment of the application fee
Employee Background Checks
Legal and Background Checks
There is no specific law in Trinidad and Tobago that governs legal background checks.
Last updated on October 11, 2023
If you have any queries or suggestions, reach out to us at irene.jones@neeyamo.com
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