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SEVERANCE PAY CALCULATION

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SEVERANCE PAY CALCULATION

Post by Jim W on Mon Jul 27, 2015 9:17 pm

FYI, this is the calculation our realtor provided. We provided payroll records, all payments were signed 4 on a weekly basis. Our realtor is Noe with Eager Associados.

I thought we would owe more.




WORKSHEET FOR CALCULATING SEVERANCE PAY FOR EMPLOYEES


Severance pay is owed for any employee who has worked for at least 28 days.



Effective date of termination: 20, August, 2015.

Name of employee: Ruben.

Total number of years/months worked: 8 years and 9 months.

Pay: Weekly $ 450 Daily $ 64.29


Severance pay is based on the current salary of the employee.

1. Three months salary: $ 5,786.10 Pesos

2. 12 Days pay for each year of work: $ 6,171.84 Pesos

3.- Vacation pay (amount of days earned plus 25%)
(Vacation time earned depends on years
of work 6 days for first year plus one day each year
following until 15 years when you receive one
extra day each five years) (By law the rate of vacation
pay is normal amount for each day of vacation earned plus
25%): $ 1,125.07 Pesos

4. Aguinaldo (Christmas bonus-based on 15 days pay-
2 weeks wage – for the year,): $ 964.35 Pesos


TOTAL: $ 14,047.36 Pesos

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Re: SEVERANCE PAY CALCULATION

Post by David on Tue Jul 28, 2015 4:11 pm

Vacation and Aquinaldo should be prorated to the date of closing, not the full year.
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Re: SEVERANCE PAY CALCULATION

Post by Jim W on Tue Jul 28, 2015 5:21 pm

Thank You David.   When I saw the worksheet I was surprised by the number of calculations for a severance package.  

This is our 1st in nearly 9 years.   I don't mind overpaying a little as we have received the best  from our Housekeeper and Gardner.  They both have keys to the gate and our Casa.   Nothing has ever come up missing.

I have never seen the severance package in real time, only the formula. Just wanted to share.
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Re: SEVERANCE PAY CALCULATION

Post by David on Tue Jul 28, 2015 5:25 pm

Claro.
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Re: SEVERANCE PAY CALCULATION

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