Trinidad and Tobago is the wealthiest country in the Caribbean and has the fifth-richest Gross Domestic Product (GDP) per capita in the Americas. The nation has become a major investment site for foreign investors and has given unbelievable growth returns in past years. Trinidad and Tobago’s hard-working population’s efforts have led to astounding development, as the country is transitioning and growing very rapidly. It is the leading producer of oil and gas in the Caribbean region.
Trinidad and Tobago were in an economic downturn for the past decade. Currently, it is poised for an economic boom. As a result, the information technology (IT), business, manufacturing, and energy sectors are witnessing rapid economic growth after the COVID-19 surge. Most of the employable talent in the nation is looking for new jobs in the IT, tourism, manufacturing, trade, and petroleum sectors. Apart from this, the nation has shown a significant incline in social development and has been awarded the happiest nation in the Caribbean region.
Overview of Trinidad and Tobago
Population: 1.38 million people
Gross Domestic Product (GDP): 22.70 billion USD (FY21)
As per Investopedia’s reports, Trinidad and Tobago’s economy has had a robust past because of the enormous growth in the petroleum and natural gas sectors. The exports have increased tremendously, and the petrochemical sector accounts for 80% of it. Further, 40% of the nation’s GDP is also accounted for by this sector. The country is heavily dependent on energy-based revenues; hence, the government has taken initiatives to diversify the economy. The expert analysts have given a growth forecast of 3.3% between the third and fourth quarters of 2021. Apart from oil and gas, Trinidad and Tobago’s economy also depends on manufacturing, mining, trade, transport, and repairs.
The nation’s market is expanding to accommodate all its working-age population with sustainable jobs. There is growth in the energy, petrochemicals, trade, manufacturing, IT, and service sectors. The government has taken many steps to increase the diversification of economic growth, which has led to an increase in opportunities in other sectors as well. Moreover, the chemical sector has also witnessed a significant leap in the past decade.
- The petrochemical industry has given Trinidad and Tobago’s economy a sizable boost. The GDP growth rates have been as high as 8% in the past decade, based on exports. Apart from this, Trinidad and Tobago are actively looking for export opportunities in European and American markets.
- Trinidad and Tobago’s primary industries have started to invest in crude oil, construction, mining, chemical, and telecommunication. Trinidad and Tobago’s energy sector is why the country has the highest GDP per capita in Latin America.
- The industries are the most rapidly growing sector, contributing almost 48% of the entire GDP. Trinidad and Tobago is the largest producer and exporter of methanol in the world. Before petrochemicals, cocoa was the main export item and is still one of the best in the world.
- The largest sector, the service sector, which contributes almost 51% to the GDP, is yet to reach its optimal potential. The government is working toward boosting the service sector and is keen to increase employment.
- Trinidad and Tobago is a country with tropical weather. This nation has a wide variety of flora and fauna, which attracts tourists all around the world. As an island country, a high revenue is generated from tourism annually, but experts say tourism is yet to reach its peak potential.
- Trinidad and Tobago’s government frequently encourages companies to increase employment, which has influenced changes to the employment terms.
The average download speed in Trinidad and Tobago is,
- About 41.72 Mbps for mobile internet.
- About 83.64 Mbps for broadband connection.
The average upload speed is,
- About 13.04 Mbps for mobile internet.
- About 42.03 Mbps for broadband connection.
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Hiring Cost in Trinidad and Tobago
Cost of Living
The cost of living in a country depends on various factors, such as which city the person lives in, the type of industry dominant in that area, the state revenue, the taxation policies, and much more.
Location is one of the main factors that determine the cost of living. The following table gives an insight into the cost of living in Trinidad and Tobago.
A Breakdown of the Average Cost of Living in Trinidad and Tobago
Cost of Renting
The average cost of renting in Trinidad and Tobago ranges from USD 350 to 650 per month, varying across cities and accommodation choices. The cost of living alone is higher than living in a shared living space.
Cost of Living and Cost of Renting: City-wise Breakdown
- The cost of living varies significantly in different cities in Trinidad and Tobago. There is a tier-wise bifurcation of cities, and the cost of living is hierarchical in the tiers. Tier 1 cities have residents with higher salaries; hence, the cost of living is more elevated. Tier 2 and Tier 3 cities have different costs based on their respective economic status.
- All the major metropolitan and big cities come under Tier-1 status. These cities have higher salaries and higher costs of living. For example, Chaguanas, Mon Repos, and Port of Spain;
- Some cities are known as New Tier 1 towns. These are emerging capital cities that have a very high rate of growth. Rio Claro, San Fernando, and Arima are some examples of New Tier 1 towns.
- Tier 2 cities are the ones that are the capital cities of a province or almost all big cities with decent economic growth. Point Fortin and Marabella are a few examples of Tier-2 cities.
- Lastly, the cities in the Tier 3 category are much smaller than the Tier 2 cities. These cities have low economic growth and lower cost of living.
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Talent in Trinidad and Tobago
Top Hiring Sectors in Trinidad and Tobago
Top Skills in Trinidad and Tobago
Trinidad and Tobago is a nation that highly invests in the manufacturing sector to generate more employment opportunities for youth, making it a very dynamic job market. There are plenty of job opportunities at the entry-level for enterprising and ambitious freshers. Experienced and industry experts excel in senior-level positions.
Major industries hiring the most in Trinidad and Tobago include,
Top Skills: Strength of materials, geomechanics, and drilling and exploration
Top Skills: Digital fluency, Big Data analytics, and industry-specific credentials
Top Skills: Core concepts of healthcare, understanding and analyzing influences, and accessing information
Mining and transport
Top Skills: Technology literacy, workplace skills, and physical capabilities
Trade and repairs
Top Skills: Data analysis, numerical skills, and IT skills
Top Skills: Filing and paper management, strategic thinking, equipment handling, and research
Top Skills: Forensic analysis, process development, and quality control
Finance and insurance
Top Skills: Analytical thinking, accounting, financial modeling, and business intelligence
Top Skills: City-wise and Occupation-wise
Salary Structure for Various Roles in Trinidad and Tobago
The following table reflects the average annual salary drawn by employees of various sectors in TTD.
Learn more about Trinidad and Tobago’s diverse salary structures by talking to Skuad experts
Employment Laws in Trinidad and Tobago
The main employment laws are as follows:
- Minimum Wages Act 1976, as amended.
- Minimum Wages Order, 2014.
- Minimum Wages (Catering Industry) Order, 1991.
- Minimum Wages (Shop Assistants) Order, 1991.
- Minimum Wages (Household Assistants) Order, 1991.
- Minimum Wages (Security Industry Employees) Order, 1995.
- Minimum Wages (Petrol Filling Station Employees) Order, 1982.
- The Wages Regulations (Agricultural Undertakings) Order, 1964
- The Wages Regulations (Laundry Undertakings) Order, 1962
- Maternity Protection Act 1998.
- Children Act 2012 (Part XIV).
Some points to note are
- The minimum wage in Trinidad and Tobago is TTD 17.50.
- The working hours in Trinidad and Tobago are capped at eight hours a day and 40 hours a week.
- Leaves are determined through collective bargaining and employment contracts between the employer and employee.
- The Equal Opportunities Act protects employees from discrimination on the following basis- sex, race, ethnicity, origin, marital status, religion, disability.
Skuad’s EOR solutions for Trinidad and Tobago can help expand your business while adhering to the tax legislation, labor laws, and contracts.
How Can Skuad Help You in Hiring in Trinidad and Tobago?
Hiring in Trinidad and Tobago is a multi-faceted task requiring in-depth knowledge of the laws, trends, hiring costs, living costs city-wise, and more. Skuad comes onboard as a one-stop solution handling every minute aspect of recruitment. It gives you the freedom and time to focus on your project and expansion plans without any hiring stress. It’s the perfect solution to build, pay, and manage a team in Trinidad and Tobago. Connect with Skuad experts to know more.