Guinea's financial freedom score is 54.2, ranking it at 129 in the 2022 Index. Guinea is categorized as 25th of 47 countries in Sub-Saharan Africa. It has a general score greater than the zonal, its financial growth was slow but it recovered in 2020, countering the global trend. Since 2017, economic freedom has risen by 6.6 points, thus, it was categorized as "Mostly unfree" in 2018. 

Guinea does not have a legal minimum pay rate requirement for employees. Collective bargaining agreements guide the setting of minimum wages. Labor regulators working under the labor inspection system ensure compliance with labor regulations. 

Guinea does not have a legal payroll; usually, wages are bargained between the workers and management. Payments must be provided regularly in legal cash. According to the Labour Code, a company must pay salaries to employees and collective labor agreement beneficiaries once a month; or twice per month with intervals not exceeding 15 days for employed people for a week or less. If the job lasts more than a week, the compensation schedule can be decided by consensual understanding but employees must receive weekly payments and complete payment within two weeks of the work delivery. Written agreements between the employer and the employee are required.

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Statutory Deductions

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Annual leave

Full-time workers are eligible for 2.5 annual leave days per month after a year of continuous employment.

Maternity Leave

Female employees are eligible for 14 weeks of paid maternity leave, six weeks should cover pre-birth and the rest post-birth. The leave is fully compensated and equally divided between the company and social security. Female workers are also eligible for nine months of unpaid parental leave. These women are not legible for part-time employment.

Paternity Leave

Paternity leave is not administratively required in Guinea.

Sick Leave

Employees receive annual paid sick leave days of up to 26 weeks.

Companies must offer written notice when ending an employment agreement. A fixed-term agreement is canceled by mutual consent or at the agreement's expiration. In the event of interminable contracts, any party can terminate by giving notice unless there is malpractice or criminal activity, in which instance the company must present a cause relating to the employee’s productivity, health, or company’s finances. Pregnant employees have a secured status, and if they are fired for unfair grounds, they are allowed the opportunity to rejoin their previous position or receive two years of severance pay. They can also leave their jobs without notification for 15 months, post-birth.

Notice Period

Unless a worker is fired for substantial malpractice or criminal activities, they are allowed the following dismissal notice:

• Normal workforce - two weeks
• Administrator and forepersons - one month
• Middle executives and related persons - three months

Severance

When a fixed-term contract expires,  an employee can receive severance pay equal to five percent of their normal salary earned throughout the contract duration. Workers under an unlimited term contract who have served 12 months and above are eligible for severance pay of 50 hours' salary value for hourly-paid employees and 25% of a month's wage for monthly employees.

Probationary Period

The probation period is 90 days for skilled workers and 30 days for the rest.