Economic Overview, Medical Education Hub & Spice Economy
Grenada combines world-class medical education and luxury yachting with stable Eastern Caribbean currency and English legal certainty.
Key Economic Sectors
- Medical Education & Health Services: St. George's University (SGU), international academic faculty, and medical research.
- Luxury Eco-Tourism & Yachting: High-end resort hospitality and premier southern Caribbean sailing marinas.
- Organic Spices & Agribusiness: Nutmeg, cocoa, and specialty spice exports.
Employment Contracts, Employment Act & Probation
Regulated by the Employment Act (Cap. 89).
- Written Statement of Terms: Mandatory in English within 14 days of employment commencement.
- Probation Period: Maximum statutory probation is 3 months (extendable to 6 months).
Working Hours, Overtime & Rest Periods
- Standard Hours: 40 hours per week (8 hours/day over 5 days).
- Overtime: Paid at 150% (1.5× base wage); 200% (double time) on rest days and public holidays.
Annual Leave, Public Holidays & Maternity Protections
- Annual Paid Vacation: Minimum 14 working days (2 full weeks) per continuous year of service.
- Public Holidays: 12 official national public holidays.
- Maternity Leave: 12 weeks (3 months) paid maternity leave (funded via NIS maternity benefits and employer top-ups).
National Insurance Scheme (NIS 5%) & IRD Income Tax
| Statutory Scheme | Employer Share | Employee Share | Description |
|---|---|---|---|
| National Insurance Scheme (NIS) | 5.0% | 5.0% | Pensions, health, maternity & employment injury (10% total) |
Personal Income Tax: 10% on taxable income up to XCD 24,000/yr; 28% on excess, with a standard tax-free personal allowance of XCD 36,000/yr.
Termination, Notice & Severance Pay
- Notice Periods: 1 week to 1 month based on pay frequency and length of service.
- Severance Pay: 1 week's pay per completed year of service (for tenure >= 1 year).
Why Use an Employer of Record (EOR) in Grenada
- Fast Market Entry: Onboard remote researchers, faculty, and managers in St. George's in days.
- NIS & IRD Compliance: Automated management of social security remittances and PAYE tax filings.
- Work Permit Sponsorship: EOR manages Ministry of Labour work permit approvals for foreign personnel.
Hiring in Grenada? Key Resources
Whether you are evaluating entity setup vs. using an Employer of Record, or looking for the best international payroll solution, our guides give you transparent benchmarks:
