Govt. launches a program to help unregistered businesses make the transition to the formal economy
Labor Minister Joseph Hamilton.
Kaieteur News – The Ministry of Labor aims to transition businesses from the informal to the formal economy by running one-stop shops in the different regions of the country.
This announcement was made by Labor Minister 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, Safety and the Environment (HSSE) in Guyana.
According to Minister Hamilton, the aim is to get businesses to contribute to the National Insurance Scheme (NIS) and the Guyana Finance Authority (GRA). Kaieteur News understands that this will be done by having businesses that are not registered and therefore part of the informal, regulated economy. Businesses that are now registered will also have to adhere to the Decent Work Program for Guyana 2017-2021, which includes paying minimum wage, giving holidays and paying overtime.
During a telephone interview with this announcement, the Minister shared that his whole point is that people need to be regulated and their skill set upgraded so that they can become part of the formal economy, meaning they pay taxes and pay insurance . The Minister added that many people who do not contribute to the National Insurance Scheme suffer because they do not have a safety net to help look after them when they are ill.
He further emphasized that people in the informal economy should seek to be regulated as it is the right thing to do. Kaieteur News understands that the initiative is expected to end by the end of September.