Current News & Events
December 2008
“School salary Promotion Law for the Private Sector”
The School salary Promotion Law was enacted last December. This innovative law promotes a saving culture within workers of the private sector to cover education related expenses at the beginning of the school year. According to the law, an employer could withhold between 4.16% to 8.33% of the employee’s salary as per his request. The money saved plus interests are free of social security deductions and taxes. This amount will be refunded by the employer on the first 15 days of each year through an Association or a special account in Banco Popular. BLP has given several seminars regarding this matter.
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