Smell of Aguinaldo In
The Air
A walk through downtown
San José, the malls and
other commercial centres,
already gives one the
feeling that the extra
cash that will be in
hand starting this week
is already starting to
be spent.
The central government
announced that it would
be paying its "aguinaldo"
on Wednesday December 5.
The majority of private
companies and state
institutions will be
doing so this week,if
they have not already
done so, although they
have until December 20
to do so.
The public sector
aguinaldo is ˘72 billion
colones (us$144.000.000
dollars), while the
private sector aguinaldo
is estimated at ˘363
billion colones
(us$726.000.000 dollars)
for a combined total of
˘435 billion colones
(us$870 million
dollars).
This year private
companies are estimated
to be paying out some
19% more in aguinaldo
that for 2006.
The majority of that
cash is expected to be
spent at retail stores,
who are feasting on the
appetites of consumers
to buy gifts, new
clothing, household
furniture and new cars.
The aguinaldo is by law
to be paid by every
employer to its
employees, not matter
what the job or the
salary, every employee
who is paid a salary is
benefit to annual bonus.
The calculation of the
aguinaldo is based on
the accumulated salary
(regular, overtime and
bonuses) between
December 1, 2006 and
November 30, 2007 and
then divided by 12. If
the employee has worked
less than a full 12
months, then the
accumulated salary is
divided by the number of
months worked.
For example, an employee
earning ˘100.000 colones
per month for a total of
˘1.2 million colones for
the period of Februay
2007 and November 2007,
the aguinaldo is
calculated as 100.000 x
10 / 12 = 83.300 colones.
No deductions can be
made to the aguinaldo,
according to the
Ministerio de Trabajo
(ministry of labour).
Employers are required
to pay their employees
the aguinaldo in full
and without exception or
face sanctions.
Employers are also
required to pay
employees who left their
employment before
November 30. |
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