He Thirteenth month It is a special bonus that the employer is obliged to pay to his workers.
The amount paid is calculated on the basis of 1 day’s salary for every 11 days or the proportion of effective, continuous or interrupted work, whereby the days worked include those in which the person was absent due to illness, injury at work, maternity and annual leave , duly justified.
Payments are made in three effective items April 15, August 15 and December 15.
To pay for this April 15, 2023, the employer calculates in the period between December 15, 2022 to April 15.
For payment second match the period between April 16 and August 15 and the third match is the result of calculations between August 16 and December 15.
For this calculation, base salary, overtime, commissions, fixed representation expenses, sick leave paid by the employer, maternity leave, annual vacations, paid leave and professional risks are taken as a reference.
In this way, the tithe is calculated by adding all the amounts collected from December 16, 2022, to April 15, 2023, divided by 12. However, this total is subtracted by Social security which is equivalent to 7.25% and income tax for those who earn more than 11 thousand dollars a year.
Workers who make less than $11,000 a year have no discounts, those who make between $11,000 and $50,000 a year will have a 15% discount on more than $11,000. While those who generate more than $50,000 a year will have 25% tax deducted on the amount above $50,000.
The discount on educational insurance is not valid for departure in the thirteenth month.
You should know that Thirteenth month It is an acquired right that is not lost even when it is applied for justified reasons. Even if a person works for one day, he has the right to be calculated in proportion to the day worked, as determined Cabinet Decree no. 221 (of November 18, 1971) and its scope is regulated by Decree No. 19 of September 7, 1973.
A total of 296 thousand 31 employees of the three state bodies, decentralized entities, public enterprises, financial intermediaries, patronages and municipalities, received the third installment of the thirteenth month of 2022, a payment that put into circulation 58 million, 586 thousand 862 dollars with 36 cents, according to official data.
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.
