Categories: Economy

The government pays tithes to officials today

The payment of the first installment of the thirteenth month, in the amount of 54 million 095 thousand 572 dollars, will come into force today, announced the chief controller of the Republic.

According to the entity, the payment will be made a few days before entering school classrooms for more than 900,000 students across the country.

In addition, it will cover a global universe of 279,071 servers from three government bodies, decentralized entities, public companies, intermediaries, financiers, commissioners and municipalities.

“The aim of this payment is to stimulate the economy and allow officials to have the fluidity to cover the basic costs of their students during the beginning of the school year,” said Comptroller Gerardo Solís.

This payment is based on Law 52 of May 16, 1974, which introduced the thirteenth month for the public sector.

For the public sector, the base salary for calculating the thirteenth month payment is $500, which is divided equally. Public officials receive one-tenth of $170.4.

The thirteenth month is an additional annual salary that all workers receive on April 15, August 15 and December 15.

For example, a person earning $600 a month receives one-tenth of $181.50, as Social Security (9.25%) is deducted. 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 salaries earned from December 30 to April 15, that is, from April 30 to August 15.

Source: Panama America

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