Minimum Wage Subsidy

By: Gabriel Lara.

This day the details and requirements that companies must meet to be eligible within the subsidy program for the increase in the minimum wage, effective as of August 1, as well as the proportional percentage of employer and pension contributions, were announced. and social security, for a maximum period of twelve months.

The requirements that companies must meet are: 1. Be registered in the ISSS as employers, 2. Be registered in the Subsidy Program to support the increase in the Minimum Wage, 3. Have employees earning the minimum wage, 4. Have with a maximum number of up to 100 employees registered on the ISSS payroll. 5. Have submitted and canceled the return for the month of July 2021 and 6. Cancel and submit the ISSS returns monthly during the validity of the program.

In the execution of the program, it will be enough for the Trustee to receive the information provided by the ISSS, who will carry out the respective validation with the information that the employer has provided to the Trustee and thus proceed with the respective disbursements.

The calculation of the subsidy will be made based on the return submitted to the ISSS for the month of July of fiscal year 2021, presented and canceled in the month of August 2021.

For more information you can contact falabi@romeropineda.com and glara@romeropineda.com