Tag: salary

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Tips & Tricks

Monthly or biweekly salary, which is better?

You must distribute your income, schedule your purchases, do not borrow for no reason, invest in training, save if you can invest in a plan B and not buy what you do not need.

Monthly or biweekly salary, which is better

“It’s better to get paid every fortnight, so you never feel ‘peeled,'” says one worker in an office hallway. “I do prefer monthly and so I do not spend the rent ahead of time,” analyzes and responds another employee when asked if he prefers to be paid month by month or biweekly.

Luis Humberto Solano, manager of Ceisas, business consulting, says that the biweekly salary has a better perception for the worker, because he receives the money at two times of the month. He adds that monthly payments are well managed by the most qualified employees because they plan their income better.

Solano says that it is better for the company to pay monthly because this allows it to save on biweekly operating load. In a single payment all discounts and benefits are applied.

The best way to manage your salary if you get paid monthly, according to Solano, is to “group payments for the beginning of the month, such as rent, apartment fees, bank fees and, in general, household maintenance expenses, so that you leave the money for daily transportation and food to be done weekly.”

In the same way, if you are paid fortnightly, the income is planned and with the first fortnight, for example, the rent is left. And for the second fortnight the payment of services is planned.

If a worker is organized, the fact that he is paid monthly can be beneficial for him because he receives more money in a single payment. “Intuitively many Colombians do their finances mentally without having the dedication to do the exercise consciously analyzing income, expenses, expenses, cash and debts,” says Alexander Ruíz, Human Resources consultant at OIL & Gas Industry.

For Ruíz, financial intelligence is vital because it forces the worker to perform a methodical exercise of analysis of inputs and outputs of resources, in order to have the opportunity to find new opportunities of what to do with their money. Some people take on debts that they can’t meet because of daily needs, for example.

Regardless of whether you receive the monthly or biweekly payment, what you should do is keep in mind the frequency with which the money enters you and, depending on the due date of the obligations, divide them with the payments either month by month or every fifteen days.

“Your priorities when it comes to receiving your salary are housing, social security, transportation and food. Spending on branded or unnecessary products takes a back seat. They should be set aside,” advises Solano.

It is important that you prioritize your expenses. In the first place must be the fundamentals, such as the payment of housing, transportation,
food and health. Make a regular balance and identify where you can save some money.

Also, some workers make ends meet without money because they do not have adequate financial planning and make expenses that are not scheduled. It is wrong to act instinctively with the perception that credit cards or bank debt can solve the problems of lack of money.

More tips 

Distribute income by allocating 50% or 60% for basic needs. 10% for long-term savings, or 10 thousand pesos biweekly and increases them whenever you can. You must leave 10% for recreation. “Take advantage of sports spaces that have low cost or are free. Leave 10% for education and 10% for investment. Buy the things that allow you to improve your current situation. This is achieved in the medium term, but we must start immediately, “says Luis Humberto Solano, manager of Ceisas, business consulting.

Categories
Tips & Tricks

Learn how the Icetex payment will be adjusted depending on your salary

Many Colombians to complete their studies must go to a loan with Icetex, which often becomes a headache to have a debt present for many years. However, from next year those who are beneficiaries of this type of credit will have the option to decide if they want the installments of the payment of this obligation to be adjusted to their monthly income so that they can have a payment facility.

Learn how the Icetex payment will be adjusted depending on your salary

This new modality was included in the draftGeneral Budget of the Nation (PGN) 2022that was approved by the Congress of the Republic, in article 118, and is called a contingent payment mechanism.

How will it work?

The value of each monthly installment will depend on the debtor’s income in the previous month. To have control over this, it will be the employer itself who has the management of the collection.

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This will benefit families and young students who will no longer have to pay a monthly fee while they are studying asthey will be able to start paying only when they enter the formal labour market.

The salary

One of the questions that arises in the face of this new mechanism is whether it will apply to young people who earn a minimum wage. At this point, according to Icetex, the formula to determine thevalue to be paid each month will depend on the salary received by the debtor. This is regardless of the salary that the person has, however, it should be noted that the first minimum wage will be excluded from collection.

So, in the event that a young person is earning a minimum wage or lesshe will not have to pay that month since his income status was below this threshold.

This amount paid will be adjusted depending on the income that the person has.

New credit term

Now it will be allowed that ina maximum period of 20 years the debt can be canceled.

During this time the person can pay the full value of the debt and be released from the obligation.

In addition, in the event that the person who takes advantage of this formula and reaches year 20 paying his quota month by month, without being able to cancel the entire value of the credit, the obligation is forgiven without prejudice to the beneficiary.

So far it has not been defined how many people will be able to access this, however, although it is designed for new users, old debtors can also be welcomed, but they must request it voluntarily.

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How To

How to know how much to ask for salary before a job offer

It tries to know, for example, which company it is and what its trajectory is in the economic sector. So, you can estimate how much you can be paid.

How to know how much to ask for salary before a job offer

The salary is, undoubtedly, one of the factors that most interests or worries a person who applies for a position to work in a company. And, above all, many find it difficult to answer when asked about their salary aspirations.

Patricio Herrera, Marketing and Communications Manager of the British Council’s Teaching Centre in Colombia, saysthat so that you know how much to ask for salary you must, first of all, and before the interview, try to know what company it is about and its trajectory in the economic sector. If you know about the company, you can infer the salary level, taking into account your experience, knowledge about the position and languages, and the academic level achieved.

“If, on the other hand, you do not know the company, data such as experience, knowledge about the position, the number of languages you master, and relationships with peers in the sector, begin to weigh heavily and give you tools to know how much to ask,” he says.

Having knowledge in other languages can give you a plus to demand a better salary.

For Herrera, experience is a key element when asking for a salary retribution. The more experience, the older the person, the more responsibilities and, therefore, the safer they want to stay in the company and make a career there.” For this reason, a high salary level can be requested, which will be remunerated with the work and intellectual experience of the person, “he says.

According to him, academic studies can be valid for a position, but they are not always decisive when applying for financial remuneration.

Alexander Ruíz, expert engineer in OIL & Gas, advises that when you are asked about the salary aspiration you base your answer regarding the labor sector, type of company, aspired position and academic training.

Similarly, Ruiz says that an intelligent answer would be: “I agree with the company’s budget because I have already analyzed the market.”

Organizations ask the question of salary aspiration to see if the candidate says a sum that is within the salary range that the company has for that job profile. Therefore, it is possible that the selection process ends because your answer does not fit the company’s budget.

The best thing is that you are totally honest with what you think you should be paid for your work. It is welcome to ask colleagues or people who have knowledge of the position. There are other tools to help.

Categories
How To

How is the settlement for a worker who earns full salary

The comprehensive minimum wage in force for 2021 is $11,810,838, equivalent to 10 minimum wages. If there is something that interests a worker is his liquidation, either because he resigns or because he is fired with or without just cause. However, some They have doubts about what should be paid, for example, to those who earn a full salary.

How is the settlement for a worker who earns full salary

The comprehensive minimum wage for 2021 in Colombia is $ 11,810,838, a figure that corresponds to the sum of 10 monthly minimum wages, plus a 30% benefit load equivalent to three minimum wages, according to Law 50 of 1990 and Article 132 of the Substantive Labor Code (CST).

It is valid to clarify that the above sum is the minimum to be considered full salary, however, between employer and employee can agree – without problem – a salary with a higher amount of income.

The comprehensive salary is a form of remuneration that includes social benefits.

Jorge Alberto Hernández, a specialist in Human Management at the Universidad Piloto de Colombia, says it is important to keep in mind that the integral salary must always be agreed in writing.

A worker who has this type of salary is entitled to enjoy 15 working days of rest for each year worked. And, in the same way, the company must liquidate your vacation.

“When you have an employment contract, whether for an indefinite term or a fixed term, but with a full minimum wage, at the time of resigning or being retired with just cause, within your settlement the worker must only be paid the days that have not paid him from his last working month and, if he has, the proportional to the vacations to which he is entitled, “, Hernández clarifies.

In short, if you earn a full salary, your settlement is like this: if you are dismissed for just cause or if you resign, you will be paid the days of the month that have not been paid and the corresponding to the vacation days you have pending to take.

For the settlement with compensation, the entire comprehensive minimum wage is taken as a basis.

If you are retired without just cause, according to article 64 of the CST, modified by article 28 of Law 789 of 2002, you must be compensated with 20 days of salary for the first year worked, and with 15 days of salary for each year you have worked subsequent to the first -or proportional to what you have worked-, plus the pending holidays and the days of the month that you have not been paid. All of the above is done on the full comprehensive minimum wage.