A few workers from Colombia are doing their calculations. mid year bonusJune premium or so-called Special Services. It is a cash recognition given to an employee for completing one term and one year of work in a public or private organization.
(You can read: Mid-year bonus: how to calculate in 2023).
The premium is an obligation of the company as determined by the Substantive Labor Law. Of course, keep in mind that it doesn’t apply to all employees in the country.
All employees of the company are on indefinite, permanent contracts and generally those who meet the requirements of the dependent employee. Beneficiaries include:
Payments are not considered for Colombians who have other types of relationships with the company, such as those listed below:
(We recommend: Don’t know how to take advantage of the mid-year bonus? Here are some tips.)
The bonus is a yearly salary payment made on two transfers. In other words, if you earn $1,500,000 per month, you will receive that amount in two payments: $750,000 at mid-year (June) and another $750,000 at year-end (December).
Article 306 of the Substantive Labor Law states that “Recognition is made for the entire semester worked or in proportion to the time worked”.
For those who have not completed the year or semester in the company in the previous situation, The bonus is calculated by the formula: salary x days worked / 360 / 360.
For example, if you earned $1,200,000 and worked 110 days, the bonus calculation would be: $1,200,000 x 110/360 = $366,666.
(Continue reading: Utility Premium: When is the mid-year premium paid?)
According to the law, The mid-year bonus must be paid by 30 June at the latest. and the year-end bonus “the first twenty days of December at the latest.”
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I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.
