How to know how much I get from Settlement: Here you will find all the information you need to know

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Below we will show you everything you need to know about the Settlement?What is? , the types, how to calculate it, I enter after important questions that you should be doing. Keep reading and find out everything.

What is the Final

The finite It is known as the payment that corresponds to workers when the employment relationship ends voluntarily.

In other words, it is the money that the company gives in the event of a resignation, when a temporary contract ends, if there is a justified dismissal, if there is serious misconduct due to your boss, due to illness or death (in this only case the payment will be given to your family).

Types of Settlement

Settlement for dismissal

The severance pay of an employee generates for the employer a series of economic duties which must be complied with by obligation. This will have to pay the settlement for the seniority of the employee and compensation for 3 months.

In some circumstances, 20 days of work must be paid for each year.

There are cases in which employers ignore the federal labor law, on the amount of money that must be paid, as well as the moment in which they must cancel.

It is extremely important to report these cases, since they can end up in labor lawsuits for incurring violations.

Voluntary redundancy settlement:

If for any reason you decide to leave the company voluntarily, you are entitled to receive as settlement the proportional part of the salary for that entire month, including the extraordinary payments that are pending to be canceled as long as they are not prorated, this also includes the vacations that correspond to you for the period of time worked and that you have not been able to enjoy.

It is important to mention that in the case of working in any company on a voluntary basis, you will have to meet all the requirements that will be established in the collective agreement to be able to communicate the resignation a little in advance.

Eye: If you do not comply with this duty, you may present problems when receiving the settlement.

Rights that workers must have in voluntary dismissal

In such a case that the worker has voluntary dismissal, he will have the right to a severance pay. This does not indicate that the company must pay an amount proportional to:

  • You must ensure the exit of the current month in which the worker leaves this.
  • Proportion of extra pay.
  • Proportional part of unearned vacations.

Settlement end of contract:

If for any reason the contract that you have in the company is not decided to renew, the compensation that corresponds to you will be 12 days for each year that you have worked in the company.

In this case that your contract is for more than one year or indefinitely (less than two years), the days that correspond to your compensation will be calculated proportionally.

Settlement unfair dismissal:

In the event that the company makes the decision to terminate your employment contract, you will have the right to receive compensation of 45 days for years worked, a maximum of 42 monthly payments and 33 days for years worked.

How to calculate the Settlement

We provide you with a way to calculate the settlementquickly and easily enter this page Click here and get your fast results.

Once on the page, you must fill in the information requested

  • Date of admission
  • Discharge date
  • Daily salary
  • Do they owe you working days?

  • Are you owed vacation days?
  • bonus days
  • % vacation premium (informative)

Once you fill in this information, press «CALCULATE»

Which worker can choose their Settlement

The settlement must have all the necessary identifications of both the employee and the business, both the amounts owed, and the date on which it is signed by the worker.
Rope that must be signed so that there are no pending accounts between any of the parties.

The finite must also have the concepts pending from its end date:

Amounts that the self-employed person owes to the employee: You must have the corresponding withholdings and contribution.

  • Wages on the days of the month in which the dismissal occurs.
  • Holiday not enjoyed: If the worker requests the vacations that he has not enjoyed, the company will have to include those days, and include the social security contribution.
  • Extra payments: Each worker is entitled to extraordinary payments. The amount of this will vary depending on whether the payments are prorated, semi-annual or annual.
  • Overtime: The overtime that the worker has done and have not been paid, the settlement must include them.
  • Bonuses or incentives: The settlement is required to include the proportional parts of the bonuses or incentives that have been agreed in the contract according to the time that he has worked.

Amounts that the worker owes to the self-employed:The worker may owe money to the company, below we show for reasons of this:

  • Holidays enjoyed more: In the event that the worker complies with all his vacations per year which have been assigned to him, but he has not fully completed the work year, he will have received more vacations than he was entitled to. Therefore, the owner of the company may deduct vacation days which he has enjoyed more than account.
  • Lack of prior notice of voluntary termination: The worker must announce 15 days in advance if they are going to present a voluntary leave, the business is fully entitled to discount those days of lack of notice. However, there are agreements that establish penalties that can reach 2 days for each day of notice that is missing.
  • Advances received: This can claim an advance from the employee, as long as the business delivered it.

Is every company obliged to Cancel Settlement?

You must bear in mind that it is very important to be clear that the settlement records the voluntary termination of an employment relationship, employee, employer, in this way the easiest form of payment is through a check, which must be accompanied by the letter of labor settlement, which clearly includes all the required data, and all the concepts that are being paid to the worker for terms of their work are broken down.

This refers to if this is not is fulfilled correctly, the company is not obliged to pay the settlement.

Success in your process!

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