Tax and labor costs impact on payroll

Tax impact on salary
Employer | Employee |
---|---|
–9% (Social Security) | –13% (Government Pension Fund) or |
–0.90% (basic tax for work accidents insurance, certain industries) plus a % based on each industry) | –11-12% ( Private pension Fund) -Income Tax bracket |
Other indirect costs (Salary benefits)
Employer | |
---|---|
9.72% | – 30 days salary (for each year as Services compensation) |
8.33% | – 30 days salary (bonus on July for National holidays) Require certain conditions |
8.33% | – 30 days salary (bonus on December for Christmas) Require certain conditions |
8.33% | – 30 days salary (Annual holidays) Require certain conditions) |
0.75% | SENATI ( contribution from manufactures only) |
45.36% | Total cost on salary |
Note.- By law, workers also have a profit sharing right. Percentage depends on type of industry.
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