The Chief Controller of the Republic announced that the next February 24 the payment of the first installment of the thirteenth month will be made in the amount of 54 million 095 thousand 572 dollars.
According to the entity, the payment will be made days before entering school classrooms more than 900 thousand students across the country.
In addition, it will cover the global universe 279 thousand 071 officials of the three state bodies, decentralized entities, public companies, intermediaries, financiers, patronages and municipalities.
“The purpose of this payment is to stimulate the economy and allow officials to have the fluidity to cover the basic expenses of their students during the beginning of the school year,” said the comptroller. Gerardo Solis.
This payout is based on Law 52 of May 16, 1974 which introduced the thirteenth month for the public sector.
For the public sector, the salary base for the calculation of the thirteenth month’s payment amounts to 500 dollars, which is divided into equal parts. Public officials receive one-tenth of $170.4.
The thirteenth month is an additional annual salary that all workers receive April 15, August 15 and December 15.
For example, a person who earns money 600 dollars touches the tenth per month $181.50, because social security has been reduced (9.25%). While a worker earning a monthly salary of $1,200, which is deducted from Social Security and Income Tax (ISR), receives an item of $317.93.
However, for workers on variable pay, the following math is used:
For the last item paid in December, the wages received from August 30 to December 15 are added, then divided by 12 and the result is what the employee receives.
While the first and second items, which are paid on April 15 and August 15, are calculated the same, the only thing that is added are the wages earned from December 30 to April 15, that is, from April 30 to August 15.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
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