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The benefits for the Mexican labor force are many and, although much remains to be done in terms of wage justice, equity and recruitment, a good end-of-year benefit increases the emotional stability and loyalty of employees.
We are talking about legal benefits, established in the Federal Labor Law, which must be granted regardless of the economic sector or the size of the company in which services are provided. All workers are considered.
“There are benefits that, although they are not established by law, mean an important advantage for workers, so companies should consider offering them for the benefit of their workers. These incentives at the end of the year can be reflected in an increase in the productivity and well-being of employees”, says Madalina Secareanu, Senior Manager of Corporate Communication at Indeed for LATAM.
The Christmas bonus is not the only end-of-year benefit
The Christmas bonus is the best-known benefit that must be delivered at the end of the year; however, there are others, such as the vacation bonus, savings fund or payment for working on holidays that should also be known.
A survey conducted by Indeed in August it showed that, for For 44 percent of Mexican workers, benefits such as profit sharing and bonuses for meeting goals are what they consider the most when accepting a job offer.
Employee priorities are changing, including wages and benefits, and inflation plays a key role. In the United States, for example, this trend can be observed in job advertisements offered on professional websites, where the “emotional salary” is increasingly being considered as a demanding offer for new generations.
“In addition to the mandatory benefits, companies must consider others that are an additional benefit for employees, such as the savings fund or compliance bonuses. This is very important so that these companies can remain competitive in the labor market”, adds Madalina Secareanu.
Check out some of the most popular features:
- Bonus. It is an annual bonus established by law for all Mexican workers, equivalent to at least 15 days of salary. The deadline for the payment of this benefit is December 20. Workers who have not completed the year of service by the date will receive the corresponding proportional part.
The Christmas bonus applies to all Mexican workers, regardless of their employment status. Unlike other benefits, which may exclude trusted workers or commission agents, the Christmas bonus is a universal obligation. Until the casual workers They will receive this benefit if they work continuously for an employer for more than 27 weeks. They will receive the proportional part of the Christmas bonus, calculated based on the time they have worked.
- How to calculate the bonus? The calculation of the bonus is made on the basis of the net salary. In other words, it is counted on the resulting amount once the withholdings and taxes have been deducted from the gross salary. Besides of Income tax (ISR) and the Mexican Social Security Institute (IMSS) quota, other payments can be deducted, such as Infonavit credits, savings fund, union dues, personal loans or advances.
It should be noted that the salary at the time of payment is used as the basis for calculating the Christmas bonus. That is, the annual daily average will not be calculated, which is beneficial if there have been salary increases.
- vacation premium. Workers will receive a vacation bonus equivalent to at least 25% of base salary. For its calculation, the daily salary is multiplied by the corresponding vacation days and the percentage is applied.
- Holidays or holidays. Holidays are established for workers to celebrate certain important events at the national level. During the holidays the worker has the right to rest with pay, however, there are companies that by their nature cannot completely close their doors. If an employee is asked to work on holidays, the employer must compensate with an extra payment, according to what is established by law.
- Saving Fund. It is a very attractive bonus that is generally given at the end of the year, although it is not established as mandatory by Mexican law. It consists of a programmed saving that is withheld monthly from the worker’s salary. The amount cannot be greater than 13% and the company is obliged to contribute an equal amount.
The importance of benefits is a global trend that will be one of the main key differentiators between companies, brands, HR areas and employers for the next year. As the Report shows “Recruitment & Trends in the Labor Market 2023”, benefits have become an even more critical part of employment compensation.
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