Currently, the interest on severance pay They have become an additional amount of money that employers pay their workers once a year. This represents 12% of the accumulated value of severance pay during the last twelve months.. When should you receive the money for this concept?
You should know that it is a value that is intended to provide a savings opportunity for all those workers who, due to layoffs, must resort to these funds with the idea of improving their living conditions or even financing other types of activities.
As reported by the Ministry of Justice through its website, the formula to calculate it is obtained as follows: “Severance pay x Days worked x 0.12 ÷ 360″.
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The truth is that the deadline for compliance with obligations by a company to their respective workers must be before January 31 of each year.
Although these severance pay interests become an acquired right, they really work as financial help for some difficult times in the finances of working individuals.
What type of people should receive severance pay interest?
What you should know about the payment deadline.
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Law 50 of 1990 indicates that all workers who have a permanent contract with a company, whether fixed-term or indefinite, have the right to receive.
It also applies to all people linked to domestic service work, formal-time employees and also family service drivers.
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It is clarified in this scenario that those individuals with activities of informal origin or even those who are involved in the provision of services or receive a comprehensive salary, will be exempt from this regulation.
Do not forget that companies will be able to carry out this type of deposits to the employees’ payroll through their respective bank accounts.
