Overview

Capital
Port of Spain
Currency
Trinidad and Tobago Dollar

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Taxes

Employer
8% - NIS
6.23% - Pension Fund
Employee
4% - NIS
3.11% - Pension Fund
25% - All Income Levels

Minimum Wage

General
Minimum wage is TT$15 per hour.

VAT

General
VAT is 12.5% standard rate.

Mandatory Benefits

Pension Fund
Employers are obligated to contribute 6.23% of employees wages to their pension fund.
Employees are obligated to contribute 3.11% of their wages to pension funds.
Social Security
Employers are required to contribute 8% of employees wages to the National Insurance.
Employees are required to contribute 4% of their wages to National Insurance.

Termination

Termination Process
Employers must provide their employees with one months notice.
Advance Notice
Employees must provide two weeks notice in a written resignation letter.
Severance Pay
Employees of 1-5 years are entitled to 2 weeks of pay for every year employed, and every year beyond 5 receives 3 weeks of pay.