There are only a few weeks left for many workers to start receiving their utilitieslabor benefit granted by companies once a year, in recognition of the work done by their payroll collaborators to achieve business goals. This economic compensation that comes from the profits obtained by the company during the entire previous year (2022) allows to improve the financial situation of the workers. For this year, payments must be made between March 27 and May 11.
Jessica Huapaya, director of the Accounting program at the Autonomous University of Peru, points out that although this additional income can be used to pay off debts, it can also be made profitable through a small business or perhaps deposit it in a financial institution that offers a higher return on your deposits. Before any spending or investment, it’s a good idea to have a plan and prioritize based on short- and long-term financial needs, she adds.
In line with this, the specialist reveals some options that help to make the best use of profits to improve personal finances:
- debt reduction: If you have any outstanding debt, you can use part of the profits to pay off debts, prioritizing those with higher interest rates, such as credit cards, among others. For this, it is recommended to always analyze which of these has the highest TCEA (Annual Effective Cost).
- Save for emergencies: In any emergency situation it is important to have a budget assigned to cover unexpected expenses. If you don’t have a fund, you can use the utilities to create a fund.
- Invest in your training: Education is one of the best short-term and long-term investments, allocating part of the profits to optimize your professional skills will help improve your employability and generate more income.
- savings and investment: Profits can also be used to save or invest in different financial opportunities. If used properly, this can help increase wealth and financial stability in the long run. To do this, the specialist recommends that it be possible to search within the SBS portal (www.sbs.gob.pe) those institutions that offer a higher return on your deposits.
“If there is a delay with the payment, the worker must go directly to his employer, if the delay persists, the complaint must be made before the National Superintendence of Labor Inspection (Sunafil). And if there is a discrepancy between the amount calculated and what is paid, the worker can request the “settlement sheet” that shows the detail of the calculation for better analysis.Huapaya explains.
