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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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 Posted: Fri Dec 19, 2008 2:33 pm Post subject: Aguinaldo - Year end bonus |
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| Does anyone know if there is a formula for determining an aguinaldo amount, or is it arbitrarily set by the employer? |
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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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| Posted: Fri Dec 19, 2008 3:32 pm Post subject: |
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Forum lurker strikes again with a timely link on this issue.
http://businesssob.blogspot.com/2007/03/christmas-bonus-aguinaldo-in-mexico.html
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Employers in Mexico are required by law, to give employees a Christmas bonus.
The “aguinaldo” is a mandatory annual payment given in the month of December, prior to the 20th, to each worker in Mexico. This includes all employees in private industry, and all government employees.
The aguinaldo is equivalent to 15 days wages, or more. For employees with less than a years service, a pro-rated payment is provided.
This puts added strain on cash flow and accounts payables for Mexican organizations during the month of December. At the same time it creates a huge burst of economic activity throughout the country. |
I'm curious to know if the chain schools like Wall Street Institute and Harmon Hall actually pay these out. There's your opening Mr. Furgers. |
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FreddyM
Joined: 05 Jan 2006
Posts: 180
Location: Mexico
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| Posted: Fri Dec 19, 2008 6:44 pm Post subject: aguinaldo calculate |
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Basically it's based on your daily pay rate multiplied by at least 15 days (some employers pay more than a quincena), prorated if you have worked less than a year.
There was an article on how to calculate the exact amount, minus taxes and deductions, in the Monday issue of El Economista (I did a search online but could not find it). I have the printed article if you wanna see it sometime.
My quick and dirty estimate is that you take your base monthly salary, divide it by thirty (days) to get your daily salary...then multiply that amount by 15 days, then deduct about 15 percent to get a pretty close estimate of what you are due. Prorate that amount if you have worked less than a year. |
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geaaronson
Joined: 19 Apr 2005
Posts: 948
Location: Mexico City
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| Posted: Wed Dec 24, 2008 7:27 pm Post subject: verfification |
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| This was my understanding as well, although what I saw was a different method of computation. For someone who has a full time position, they get paid 1.5 days per month towards their aquinaldo. And yes, it�s federal law. And to think that the last time I got paid a Christmas bonus in the US, it was a $25 gift certification to a sports center! |
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Prof.Gringo
Joined: 07 Nov 2006
Posts: 2236
Location: Dang Cong San Viet Nam Quang Vinh Muon Nam!
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| Posted: Wed Dec 31, 2008 6:10 pm Post subject: |
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My wife's company pays her an aguinaldo of 2 weeks salary and a 1 month bonus as well, so 6 weeks  of pay in total. Nice, huh? 
BTW Wall Street doesn't pay a bonus or any other beni's under the federal Mexican law to foreign teachers. That includes IMSS. Any wonder why foreign teachers hate WSI Mexico?  |
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