It should be noted that December It is a month expected by Colombian workers who receive the premium for their salarytransportation assistance, and other salary payments (bonuses, overtime, other payments reported by the company).
The Ministry of Labor sent a warning message to employers, companies or people who are in charge of workers in their homes or farms as butlers, security guards, drivers or domestic employees.
Maximum term for the payment of the prima In colombia
“The maximum term that employers have to make the payment of the premium to their workers es until December 20”, indicated the labor portfolio, headed by the Minister of Labor, Gloria Inés Ramírez.
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It should be remembered that the service premium sand recognized in two payments. The first half is paid up to June 30 of each year and the other half is paid no later than the first twenty days of December of each year. This economic benefit includes domestic service workers, family service drivers, workers for days or farm workers.
The non-payment of this type of social benefits generates fines which vary according to the severity of inflation and range from 26.31 Tax Value Units (UVT) to 131,565 UVT, (from $1 million pesos to $5 million pesos in 2022 values).
How to boost the year-end bonus?
Christmas time is approaching and This is accompanied by the payment of the December premium, one of the most anticipated moments by the workers in Colombia, because it is an additional income that helps with all the expenses that Colombians have during the festivities.
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It is worth mentioning that according to the firm Raddar on average Colombian households spend $20.8 billion to celebrate Christmaswhich means an average of $1,356,527 per household and close to $445,000 per person.
It should be added that this closing of the year has a different hue than the others, due to inflation, the increase in the price of the dollar and the rise in credit card rates. This economic panorama requires responsibility and financial intelligence to spend, invest or save this extra income.
“To achieve the maximum utility of the year-end bonus, it is important to make proper use of this resource. This is possible through a good education and financial planning that helps to improve the administration of this income”, says Rubén Galindo, CEO and Founder of Airtm.
This is why, Airtmthe most connected global digital dollar account shares tips for make the most of your year-end premium payment:
#1. Do an analysis of the economic situation: Getting paid extra income is exciting, but it shouldn’t go entirely toward buying luxury goods or going into debt. It is advisable to establish a budget of expenses and income, with which you can identify the expenses that reduce the ability to save when additional income is received.
#two. Allocate a percentage to savings: Savings is one of the points that is relegated to the background and it is a necessary item for the growth of personal finances. The BBVA Financial Education program recommends dedicating a minimum of 10% of the premium income to savings.
#3. Use the new platforms to your benefit: The digital tools of the financial sector have evolved considerably in recent years. Therefore, taking advantage of these new platforms is an alternative to take care of the premium. It is possible to consider the purchase of virtual currencies that help save your money and enhance it by understanding the dynamics of the markets, as in the case of digital dollars.
#4. Try to clean up your finances: The arrival of the premium is an excellent opportunity to make advance payments of debts and reduce the interest paid for the different obligations. In this way, you can improve the borrowing capacity for entrepreneurial projects or the future.
#5. If you are a digital entrepreneurtry creating your own wage bonuses: Individuals engaged in offering their work independently do not receive bonuses. However, during the course of the year, they can create pockets in which to keep the excess money from the earnings and enjoy this semi-annual conjuncture.
By following these tips, it will be possible to use the year-end premium to make money grow and consolidate economic stability on a personal level, through the use of financial intelligence and the new possibilities that the new platforms in Colombia enable.
