Many people who, for example, have a domestic employee, get entangled at the moment of liquidating the severance pay and calculates the interest on these. For this reason they turn to a friend who knows the subject or, in the best of cases, to an accountant.
However, the calculation of interest on layoffs is not that complicated. Nominapp explains how to do it. We tell you below.
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In the first place, Nominapp points out that article 99 of Law 50 of 1990 establishes that interest on layoffs They are 12% of the layoffs proportional to the days worked. This is the article: «The worker will pay the worker the legal interest of 12% per year or proportional by fraction, under the terms of the regulations in force on the traditional unemployment regime, with respect to the sum caused in the year or in the fraction that it be liquidated definitively».
In addition, according to Nominapp, it must be taken into account that if the person is entitled to Transportation Assistance, this value is included in the layoff base and, therefore, the layoff interest.
To calculate the value of interest on layoffs, first layoffs must be calculated, based on the days worked from January 1 (or from the start of the contract if it started in said year) to December 31 of the same year. For example, if an employee has an average salary of $3,000,000 and worked throughout the year, his severance pay will be equal to his salary.
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Nominapp has the following formula to calculate the interest on layoffs, taking into account that the layoff interest is 12% of the layoffs proportional to the days worked:
Interest on layoffs = Layoffs * 12% * (Days worked in the current year / 360 days of the year)
Examples:
Case 1:
If an employee has an average salary of $3,000,000 and worked throughout the year, their layoffs will be equal to their salary and the interest on layoffs will be calculated as follows:
Layoffs = 3,000,000
Interest = $3,000,000 * 12%
Interest to the CES = $360,000.
Case 2:
If the same worker worked only during 9 months of the year (270 days), the interest must be paid proportionally on the value of the layoffs:
Salary = 3,000,000
Layoffs = $3,000,000 * 270 days / 360 days
Layoffs = $2,250,000
The interest value is calculated on these layoffs, with 12% proportional to the days worked:
Interest = layoffs * 12% * days worked / 360
Interest = $2,250,000 * 12% * 270 days / 360 days
Interest to the CES= $202,500
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