In the next article, we will explain how to do a paycheck when you finish a job. Learn about everything you should get when you quit or get fired!
How to make a salary settlement?
When you finish a job that you have been doing for a while, but for your own reasons, you decide that you want to quit or the company must fire you, they owe you money, this is called a salary settlement.
It must be clear that, if the company decided to fire you and it has a justified reason to do so, they are not obliged to pay you a settlement, as it could be the case that you were stealing from the company, but on the contrary, that In the case of an unjustified dismissal, they are obliged to give you a settlement.
If you do not know how to make a salary settlement in the correct way, it could bring problems to both the employer, since you could be the victim of a lawsuit for violating the rights of the worker, or in case you are an employee, the company could not be giving the fair amount you deserve for the work you did.
Next, we will teach you what to take into account in the event of having resigned or been fired.
How to make a liquidation in case of resignation?
In case the employee decides to quit his job, the employer must pay him: the Christmas bonus, the vacations and the vacation bonus. Next, we will explain how to make a salary settlement in each case:
Bonus
To know how to calculate an employee's bonus, you must pay for each year of work, 15 days of extras. It is important to know how long the person worked in the company.
For example: Let's say Sarah was an employee of a company, for 2 years and 2 months. She was earning $1000 a month and her quarterly bonus was $500.
First, to calculate her bonus, we need to know how much she earns per day. We start by dividing her salary by 30 (days of the month), which would give us: 33,33.
We then divide your quarterly bonus evenly by 3 (months). That is: 500/3: 166,66. Then, we divide the 166,66 by 30 (the days of the month), which would give us: 5,55.
Finally, we add the monthly salary with the quarterly bonus: 33,33+5.55= 38.88. To make it easier to handle, we are going to round it to 39.
To calculate the bonus: Let's say that Sarah resigned in November 2015. First we must divide the 15 days by the 12, which would be the months of the year. The result is multiplied by 11 (because November is the 11th month). The result is multiplied by the daily salary, whichever results from this calculation is Sarah's bonus:
15 (days) ÷12 (months) = 1.25
1.25x11= 13.75
13.75×39.99=549.86
In other words, Sarah's bonus is a total of $549.99. When they give you the liquidation of it, this figure must be reflected.
Holiday Courses
The company must give the total to the worker, for the vacations he had during the period he worked. To know how to calculate vacations, the salary must be multiplied by the days worked and the result is divided by 720, which is twice the 360 working days, excluding holidays, weekends, non-working days, among others, as well as transport vouchers or private transport provided by the company.
For example: Sarah was an employee of a company for 2 years, for which she should receive 15 days of paid vacation, plus 1 extra day for each year of work. She had a base salary of $1000.
To calculate the vacation pay, you only need to count the base salary, which would be $1000, for the days spent at work and finally divide by 720.
(1000x 360) ÷720=
360.000÷720= 500 dollars
In this example, the settlement of the woman's vacation would be paid at 500 dollars, which is half of the base salary, which is equivalent to half of the month.
vacation bonus
According to the law, the worker obtains a vacation bonus of 25% based on his vacation salary. Let's say, for example: José was given a vacation settlement of 400 dollars, this figure must be multiplied by 25%.
$400 x 25% = $100.
In other words, Jose's vacation bonus is $100, which comes as an extra to his vacation pay.
We invite you to watch the following video to have more information on how to make a salary settlement:
How to make a salary settlement in case of dismissal?
When a worker is fired, the company is obliged to pay the bonus, vacations and vacation bonus, that is, everything you would get in the event of resigning, but adding the seniority premium, 90-day severance pay and 20-day severance pay. days per work year.
seniority bonus
To make this calculation, 12 days are added to each work year. For example: Let's say the salary is $8.000.
First we have to determine what the daily salary is, for this, we divide the salary between the working days and the result of this is what you earn per day. In our case:
8000 (salary)÷ 20 (weekdays) = $400.
Then, the daily salary is multiplied by 12, which represents the 12 extra days, that is, 400 x 12 = 4.800 dollars. And to finish, we must multiply this figure by the years we were working, let's say that these were 3 years.
$4800 x 3 years of service = 14.400 seniority premium.
Compensation for 3 months salary
In this case, the aim is to compensate the worker for the dismissal and that he can survive for 3 months until he can get a new job, but this is only limited to 90 days, if the employee has not found a job in that time, the company does not is obliged to continue paying you.
To perform this calculation, the employee's salary must be multiplied, base by the 90 days. For example: If Ana has a salary of $3000, the company must multiply this by the 90 days:
$3000 x 90 days = $270.000.
To summarize, Ana's compensation for the next 90 days is a total of 270.000 dollars, which will give her the opportunity to get another job in that period of time. Remember that this is just an example, the real figures depend on how much your salary was.
Compensation for 20 days of the year worked
It is in case the employer incurs with his employee, that is, it is not the fault of the worker but of the boss. Among the possible causes: if the employer decides to close the company, he must compensate you for 20 days of the year worked.
Example: Let's say that Isabella worked in a company for 6 years and 2 months, but for some reason, it decided to close, that is, they owe her money. To calculate this we must multiply the years and months that she was working within the company by 20 days.
We must start first, calculating the extra months, that is, the 2 months that he worked. We will do this in the following way:
The 20 days are divided by the 12 months of the year and then multiplied by the extra months, which in this case is 2.
20 days ÷12 months: 1,66.
1,66 is multiplied by the 2 months, which would give us a result of 3,32. Once we have defined how many extra months Isabella worked, we can start calculating the compensation.
First we multiply the 20 days by the years you worked, in this case it was 6 years and al result, the extra months are added: 20 days x 6 years of work = 120 + 3,32 = 123,32.
Finally, al result that he gave us, they must be multiplied by the daily salary. Let's say that Isabella earned $100 a day.
123,32 x 100 dollars (daily salary) = 12.332 would be the compensation.
We hope you have enjoyed the content of this article and it will be useful for you to know how much money you should get when you decide to leave your job or what the company should offer you in case of unjustified dismissal. We invite you to read another of our articles: How to learn to invest correctly with simple steps?.