The first installment of the 2023 bonus that is paid in June to workers in a dependency relationship, retirees and pensioners can be paid until the last business day of this month. Questions arose among employees after the latest announcements regarding Income Tax.
When is the bonus collected?
The first 50% of the highest monthly remuneration received by the worker within each of the semesters, can be received until June 30, with the possibility of extending four more business days, that is, until Thursday, July 6.
The second part of the Christmas bonus, meanwhile, will be collected in December. The payment deadline will be December 18, with the possibility of extending four business days, until December 22.
How the bonus is calculated?
In the event that the workers have not worked the six months of the semester, either because they recently joined a job position or because they stopped working, the proportional amount must be paid for the months worked.
The exact amount of the Complementary Annual Salary can be determined by applying the following formula: (Salary / 12) x Months worked.
Example 1: The employee started work in March 2023. His salary is $100,000. The half bonus that is paid in June corresponds to (100,000/12) x 4. The value of the bonus is $33,333.
Example 2: The worker started working six months ago. The best salary for the first semester of 2023 is equal to $100,000. The half bonus that is paid in June corresponds to (100,000/12) x 6. The value of the bonus is $50,000.
In the event that the worker receives any non-remunerative concept, the amounts should not be considered in the calculation of the complementary annual salary.
Who will not pay income tax on the Christmas bonus?
With the recent “extraordinary” measure ordered by the Ministry of Economy, those who do not exceed $880,000 per month and have a bonus of up to $440,000 gross, will not have to pay income tax.
If for any reason the worker exceeds $880,000 in gross average monthly income in the semester, his entire bonus will be taxed. This implies that if he cashes out, for example, $881,000 he will pay winnings even on the $440,000.
For their part, retirees will receive the Christmas bonus the same day as the main benefit. The regime established in article 17 of Law 24,241 of the SIPA provides for the liquidation of the half Christmas bonus to the following categories of assets together with the full retirees: Universal basic benefit, Compensatory benefit, Disability retirement, Death pension, Benefit additional for permanence, Benefit for advanced age.
Taking into account the increase, the minimum retirement of ANSES will add $35,481 as Complementary Annual Benefit while for the beneficiaries of the maximum, the figure will rise to $238,749.
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