Guinea PEO Services

Guinea still has an emerging economy. The country has the world’s largest reserves of bauxite and untapped high-grade iron ore, as well as gold and diamonds. In addition, Guinea has fertile soil, ample rainfall, and is the source of several West African rivers, including the Senegal, Niger, and Gambia. Guinea’s hydro potential is enormous and the country could be a major exporter of electricity in the future. The country also has great potential in agriculture. International investors have shown interest in Guinea’s unexplored mineral reserves, which have the potential to propel Guinea’s economy. The country’s economy is expected to grow from 10.82 USD Billion in 2019 to 12.00 USD Billion in 2020.

Currency

Guinean Franc

Principal Language

French, Fula, Malinké

Government

Unitary Presidential Republic

Capital City

Conakry

Major Cities

Camayenne, Nzérékoré, Kindia, Kankan

The law mandates that regular work should not exceed 10 hour per day or 48 hours in a week. The law mandates a period of at least 24 consecutive hours of rest every week, usually on Sunday.

The minimum age for employment is 16. Exceptions allow children to work at age 12 as apprentices for light work in the sectors as domestic service and agriculture. For other types of work, the minimum age requirement is 14. The law does not permit workers and apprentices under 18 years to work more than 10 consecutive hours, at night, or on Sundays. The Ministry of Labor maintained a list of occupations in which youth under 18 years cannot be employed, but enforcement is limited to large firms in the modern sectors.

Overtime

Under the Labor Law in Guinea, there are also provisions for overtime and night wages, which are a fixed percentage of the regular wage. The law stipulates a maximum of 100 hours of mandatory overtime in a year.

Old-age Pension

Old-age pension is paid for up to 30 years at 2% of the insured’s average earnings in the last 10 years multiplied by the number of years of contributions (some periods of disability are credited).

• The minimum monthly income used to calculate benefits is 440,000 francs.
• The maximum monthly income used to calculate benefits is 1,500,000 francs.

Early Pension: The pension is reduced by 5% to 10% for every year in which an employee receives pension before the normal retirement age.

Pensions are paid quarterly. The pension may be paid in addition to the work injury/permanent disability pension.

Old-age Allowance

A lump sum is paid calculating an insured’s average monthly income in the last 10 years multiplied by the number of years of contributions.

Benefit Adjustment: Benefits are adjusted based on the changes in the national average wage, depending on the financial resources of the system.

Disability Pension

If assessed with a total disability, 100% of an insured’s average annual income is paid.

Partial Disability

40% of an insured’s average annual income is paid.

• The minimum monthly income used to calculate benefit is 440,000 francs.
• The maximum monthly income used to calculate benefit is 1,500,000 francs.

Constant-attendance Supplement: 20% of the disability pension is paid.

The disability pension ceases at age 55 and is replaced by an old-age pension of the same value. Pensions are paid quarterly.

Benefit Adjustment: Benefits are adjusted according to changes in the national average wage, depending on the financial resources of the system.

Survivor Benefit

Spouse’s Pension: 30% of a deceased’s average income in the last 12 months before the insured died is paid to the widow(er). The surviving spouse must have been married to the deceased for a minimum of 1 year before the disability began. If there is more than one eligible widow, the pension is split equally.

The pension ceases on remarriage or cohabitation, and a lump sum is paid.

Remarriage Settlement: A lump sum of 3 years of pension is paid.

Dependent Relative’s Pension: 10% of a deceased’s average income in the 12 months before the insured died is paid to each surviving dependent relative, up to 20%.

All survivor benefits combined must not be more than 85% of the deceased’s average income in the 12 months before the insured died. Pensions are paid quarterly.

Work Injury

Insured person: None.

Employer: 4% of covered payroll.

Employers with 20 or more employees pay contributions monthly whereas employers with 1 to 19 employees pay contributions quarterly.

Qualifying Conditions

Work Injury Benefits: There is no minimum qualifying period. Accidents that occur while commuting to and from work are covered.

Temporary Disability Benefits
50% of an insured’s average daily wage in the month before the disability started is paid for the first 28 days; thereafter, 66.7% of the average daily wage. The benefit is paid from the day after the disability began until full recovery or certification of permanent disability. Benefits may be adjusted if the disability lasts more than 1 month. Benefits are paid monthly.

Permanent Disability Benefits

Permanent Disability Pension: If assessed with a total disability, 70% of an insured’s average income in the 12 months before the disability started is paid.

Partial Disability: If the assessed degree of disability is at least 15%, a percentage of the full pension is paid based on the assessed degree of disability; from 1% to 14% as a lump sum. Pensions are paid quarterly. The permanent disability pension may be paid in addition to the old-age pension.

Benefit Adjustment: Benefits are adjusted periodically.