One of the most anticipated moments of the year by company workers in the country is close to arriving: payment of the service premium. This is a work benefit that workers have and that reaches them every six months. One in the middle of the year and the other at the end of the year. The first of them arrives in June. Companies have a maximum deadline to pay it until the 30th of this month.
Some will cancel them in the first fortnight of the month. Others will do it a couple of days later. But, What is the first and how much money is it? The premium payment is equivalent to one month’s salary for each year of work, or proportional to the time worked with the company to which it belongs and is calculated as follows.
How is it calculated?
First you have to calculate how much the worker’s base salary is. This is calculated by adding the worker’s monthly salary plus transportation assistance, in case you earn minimum wage.
Transportation assistance must be included because it is part of the base of the social benefits that companies pay to workers. After that, you have to determine the number of work days in the period of time that corresponds to the payment (from January to June, in this case).
This calculation must include working days and non-working days, including weekends and holidays. According to the publication made by Blu Radio, the formula to calculate how much premium you have to receive this month is as follows: Multiply the basic salary by the days worked and divide it by 360 days a year.
According to the publication, if a worker has a basic salary of 3,000,000 Colombian pesos and has worked 120 days in the first half of the year (June), he would have a service premium close to 1,000,000 pesos.
If an employer does not pay the service premium on the established dates, it will incur a default penalty. This penalty consists of paying the worker one day’s salary for each day of delay in payment. In addition, the company will have to face fines of up to 6,000 million pesos.
On the other hand, the employees who will not receive the service premium are those who are independent workers, that is, those who have a formal employment contract with a company. On the other hand, temporary workers and company apprentices.
