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If you are interested in hiring a remote team in Trinidad and Tobago, or even just individual remote employees in Trinidad and Tobago, then you have come to the right place!
Rivermate is an Employer of Record (EOR) that offers Trinidad and Tobago payroll solutions. As a Trinidad and Tobago payroll provider, we will cover everything from salary, benefits, employer-to-employee contributions, and especially payroll compliance in Trinidad and Tobago. We are confident Rivermate’s payroll solutions Trinidad and Tobago will help you grow as a business—because now, you won’t have to worry about your payroll solutions Trinidad and Tobago. We take care of everything payroll!
With Rivermate, you can run Trinidad and Tobago payroll services in just one click—regardless of currency, benefits, insurance, and your local labor laws. Everything is automated. Our priority is for you to focus on your company’s strategy and growth.
Our Rivermate Global Payroll services are made especially for startups and scaleups. We know that startups try to be extra prudent when it comes to choosing a payroll provider, so it is our mission at Rivermate to be your most reliable and cheapest payroll provider option. So if you’re looking for global payroll providers for small businesses, look no further and book a call with us now!
Once you've determined the best Trinidad and Tobago payroll option for your company, you'll need to collect some information from employees in order to add them to your payroll. Begin by acquiring their personal identification number, tax deduction card, and emergency contact information. When an employee begins working and provides you with their tax deduction card, they become a part of the social security system and are eligible for benefits.
Employers and employees in Trinidad and Tobago must pay the correct taxes. Employers must contribute 8% to the NIS and 6.23% to the Pension Fund. Employees also contribute 4% to NIS and 3.11% to the Pension Fund, respectively. Employees are not taxed on their first TT$ 84,000 under the Pay As You Earn (PAYE) system (as of 2021). If the chargeable amount is less than $1 million per year, excess salary is taxed at 25%. Any additional income is taxed at 30%.
Companies that wish to expand their operations globally have four different payroll options in Trinidad and Tobago. These payroll options are:
1. Internal Payroll. This payroll option is applicable for already established companies in Trinidad and Tobago. It includes devoting an entire Human Resources staff to running the company's payroll procedures.
2. Remote Payroll. Smaller firms may lack the capacity to handle their own payroll, but they may add their workers to the parent company's payroll. This action, on the other hand, requires considerable thinking. You must guarantee that you follow the rules and laws of each nation.
Working with a local outsourcing firm is one method to retain money in the local economy, but you'll still need to study all of the local rules and regulations, since you'll be held responsible.
3. Trinidad and Tobago payroll outsourcing: Outsourcing your payroll to an Employer of Record in Trinidad and Tobago, such as Rivermate, is another alternative for Andorra payroll outsourcing. We can manage all aspects of your payroll, including compliance. Send us a note and we'll get back to you as soon as possible!
It is the obligation of the employer to ensure that all payroll-related transactions are properly documented and recorded. All salaries and compensation payments must adhere to the local minimum wage as well as other applicable laws and regulations.
Rivermate's payroll services in Trinidad and Tobago can assist you in staying in compliance with the country's ever-changing payroll rules. We provide an all-inclusive solution that covers everything from compliance and reporting to salary payments.)
Companies that have a business presence in Trinidad and Tobago have different ways of managing payroll. However, most of the options you have for running payroll in Trinidad and Tobago are either expensive or require establishing a subsidiary in Trinidad and Tobago. The cheapest, most efficient, and most reliable payroll processing system in Trinidad and Tobago is by outsourcing payroll to Employers of Record (EOR) in Trinidad and Tobago. Rivermate is one of those Employers of Record.
At Rivermate, we offer you the most efficient, most compliant, and cheapest HR and Payroll Management services in Trinidad and Tobago. We do this by taking care of your payroll-related needs, such as keeping track of your employees’ financial records, including incentives, gross and net salary, and payslips, all the while staying compliant with the labor laws in Trinidad and Tobago. Because we do your online payroll management for you, you can have absolute focus on your business’ strategy and growth.
Rivermate is all about growth through collaboration and we achieve this by offering the most reliable yet cheapest services for managing payroll for small businesses in Trinidad and Tobago.
An employment contract may be terminated by either the employer or the employee. Termination procedures, notice periods, and severance obligations are normally defined by the individual employment agreement or collective bargaining agreement.
For redundancy dismissals, certain rules apply. Employers must provide employees at least 45 days' notice before terminating them for redundancy and paying severance.
Trinidad and Tobago sets a National Minimum Wage of $17.50 per hour.
Eight hours per day and forty hours per week, spread over five days, is the standard work period.
Health insurance benefits are administered by the National Insurance Board of Trinidad and Tobago (NIBTT). Employees who contribute to the National Insurance System are eligible for benefits. Those earning $200 or more each week must register and contribute, although employees earning less may still participate. Employers also make a proportionate contribution.
Sickness payments under the NIBTT reimburse individuals who are unable to work due to illness. These may be paid for up to 52 weeks. Employees who are unable to work due to personal injuries are compensated via employment injury benefits. They provide many unique advantages:
Injury benefit: This is provided for up to 52 weeks as the individual heals from their injury.
Disablement benefit: If a person becomes disabled, this benefit is provided either monthly or as a lump amount.
Medical costs: The individual may get a cash payout to cover medical bills.
Death benefit: This is a monthly payment made to a person's dependents in the case of his or her death.
Public health services in Trinidad and Tobago are provided free of charge to both citizens and non-residents. However, public institutions often face equipment and medication shortages, as well as lengthy wait periods. Private facilities provide better treatment but at a premium expense, thus the majority of private facility patients are expatriates.
Residents of Trinidad and Tobago may also receive additional benefits under the NIBTT, such as retirement and burial benefits.
Retirement pension: Residents who have made 750 payments to the National Insurance System and retire between the ages of 60 and 65 are entitled for a retirement pension. They are automatically eligible at the age of 65, whether or not they have retired. The amount of the pension is determined by the amount of contributions made.
Grants for retirement: Residents who have made less than 750 payments to the National Insurance System, on the other hand, may get a one-time lump amount in the form of a retirement award. The grant must be at least $3,000 in value.
Funeral benefits: Funeral benefits pay for the costs of a funeral. Residents who have made at least 25 payments to the National Insurance System or were receiving work injury benefits at the time of their death are eligible for funeral benefits.