Guyana: Labor freedom

(measure: points; Source: The Heritage Foundation)
* indicates monthly or quarterly data series

Guyana: Labor freedom index (0-100)

: For that indicator, we provide data for Guyana from 2005 to 2020. The average value for Guyana during that period was 67 points with a minimum of 60 points in 2011 and a maximum of 75 points in 2013. The latest value from 2020 is 62 points. For comparison, the world average in 2020 based on 182 countries is 59 points. See the global rankings for that indicator or use the country comparator to compare trends over time.
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The Labor Freedom index for Guyana from the Heritage Foundation reflects the various aspects of the legal and regulatory framework of the labor market in Guyana, including the minimum wage; laws inhibiting layoffs; severance requirements; and the regulatory burdens on hiring.

Definition: The Labor freedom index is composed of six quantitative factors: ratio of minimum wage to the average value added per worker, hindrance to hiring additional workers, rigidity of hours, difficulty of firing redundant employees, legally mandated notice period, and mandatory severance pay. The index is based on data collected in connection with the World Bank’s Doing Business study.
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