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HRsolution » COUNTRIES » Grenada

  1. Population

    Grenada has a population of about 113,000 people (as of 2023). The majority of the population consists of descendants of African slaves, with smaller minorities of Europeans, Indians, and Caribs.

  2. Capital

    The capital of Grenada is St. George’s, a picturesque town on the southwestern coast of the island, known for its natural harbor and colonial architecture.

  3. Economic Power

    Grenada’s economy is mainly based on tourism, agriculture, and spice production (especially nutmeg, which has earned Grenada the nickname “Spice Island”). The Gross Domestic Product (GDP) per capita in 2022 was around 10,500 USD. Tourism is the main economic sector, attracting a large number of cruise tourists.

  4. Culture

    Grenada’s culture is heavily influenced by African, Caribbean, and European traditions. Music and dance play a vital role, with Carnival and other festivals being central events. Popular music genres include Calypso, Soca, and Reggae. Traditional dishes are richly spiced, often using nutmeg, cinnamon, and cloves.

  5. Currency

    The currency of Grenada is the Eastern Caribbean Dollar (XCD), which is pegged to the US Dollar (1 USD equals approximately 2.70 XCD).

  6. Health Insurance and Social Security System

    Grenada has a state-run social security system managed by the National Insurance Scheme (NIS). It covers pensions, disability, maternity benefits, and unemployment support. Health insurance is not mandatory, but there are state healthcare services and private insurance options for additional coverage.

  7. Employer Costs

    Employers are required to contribute to the National Insurance Scheme. The current contribution rate is 5% of the employee’s salary. Additional costs may arise if employers voluntarily offer health insurance or pension schemes.

  8. Salary and Bonuses

    Salaries vary greatly by industry. The minimum wage for unskilled workers is around 4.50 XCD per hour (as of 2023). Bonuses are not legally required but are often given as performance incentives or Christmas bonuses.

  9. Payroll

    Payroll must show deductions for social security (NIS) and any applicable taxes. There is no income tax on earnings below a certain threshold (around 24,000 XCD per year). Income above this threshold is taxed at rates ranging from 10% to 30%.

  10. Public Holidays

    Grenada observes several public holidays, including:

  • New Year’s Day (January 1)
  • Independence Day (February 7)
  • Good Friday and Easter Monday
  • Whit Monday
  • Emancipation Day (first Monday in August)
  • National Heroes Day (March 25)
  • Christmas (December 25)
  • Boxing Day (December 26)

  1. Working Hours

    The standard workweek in Grenada is 40 hours, typically spread over five days. Overtime is usually compensated at a rate of 50% or more above the regular pay.

  2. Vacation

    Employees are entitled to at least 15 days of paid vacation per year after one year of continuous employment. This entitlement can increase based on collective agreements or company policies.

  3. Sick Leave

    In case of illness, employers are required to continue paying wages for a certain period (usually up to two weeks). After that, the National Insurance Scheme (NIS) takes over and provides sick pay.

  4. Termination/Severance

    Notice periods for termination depend on the length of employment. Severance is legally required if the termination is unjustified or due to economic reasons. Severance pay is based on the duration of employment, with an employee entitled to one month’s salary per year of service after two years of employment.

Grenada offers a pleasant living environment thanks to its tropical setting and cultural diversity, but like many small island nations, it faces economic challenges, especially regarding jobs and healthcare.

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