Govt. launches programme to help unregistered businesses transition to formal economy

Jan 25, 2021 News

Minister of Labour, Joseph Hamilton.

Kaieteur News – The Ministry of Labour is aiming at transitioning businesses from the informal economy to the formal economy by means of conducting one stop shops in the various regions of the country.
This announcement was made by the Minister of Labour, Joseph Hamilton during a virtual conference with the American Chambers of Commerce (AMCHAM) on Tuesday where he shared his vision for the future of Health, Safety, Security and Environment (HSSE) in Guyana.
According to Minister Hamilton, the aim is to have businesses contribute to the National Insurance Scheme (NIS) and Guyana Revenue Authority (GRA). Kaieteur News understands that this will be done by way of having businesses that are not registered and therefore form part of the informal economy, regularized. The now registered businesses will also be made to adhere to the Decent Work Country Programme for Guyana 2017-2021, which involves the payment of minimum wage, granting of leave and the payment of overtime.
During a telephone interview with this publication, the Minister shared that the whole point of it, is that people need to be regularized and have their skillset upgraded so they can become part of the formal economy, meaning they pay taxes and they pay insurance. The Minister added that many of the people that do not contribute to the National Insurance Scheme suffer because they have no safety net to help take care of them when they are sick.
He further emphasized that people in the informal economy should seek to be regularized as it is the right thing to do. Kaieteur News understands that the initiative is expected to conclude by September month-end.

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