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Guinea Bissau has a population of 2.04 million people. It is ranked number 51 in Africa according to the nominal GDP ($ 1.59 billion). Guinea Bissau practices a traditional economic system and relies heavily on farming and fishing.
1 January- New Year's Day
20 January- National Heroes' Day
8 March- International Women's Day
1 May- Labour Day
3 May- Korité
10 July- Tabaski
3 August- Pidjiguiti Day
24 September- Independence Day
14 November- Readjustment Movement Day
25 December- Christmas Day
Guinea Bissau minimum wage is set at CFA 19,030 (Central African Francs) per month and a bag of rice.
Cycle of Payments
Employees in Guinea Bissau expect to be paid on a monthly basis.
13th Paygrade
Bonuses are not mandated by law in Guinea Bissau, however, some businesses prefer to pay performance-based bonuses.
The resident individual tax rates vary depending on annual income as follows;
1% - for CFA 0-500,000
6% - for CFA 500,001- 1,000,000
8% - for CFA 1,000,001-2,500,000
10%-for CFA 2,500,001-3,600,000
12%- for CFA above 3,600,000
Guinea Bissau corporate income tax is imposed at a standard rate of 25%. Withholding tax is applicable at the rates of 30% on dividends and 15% on both resident and nonresident organizations in the country.
Parental Leave
Guinea Bissau’s female employees are entitled to 60 days paid leave paid by the employer or social security if the employer is covered. There’s no statutory paternity leave in Guinea Bissau.
An employment contract can be terminated when the contract period ends if fixed for a certain period by the employer or the employee. The employer may also terminate the contract by consent due to economic reasons. In the case of gross misconduct, an employment contract can be terminated without notice. The employer must give a 40-day notice before any contract termination.
Notice Period
Guinea Bissau notice period follows the following guidelines:
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