Employees contracted before January 26, 2017 Every employee having worked at least 700 hours in the twelve-month period commencing October 1 and ending September 30 is entitled to receive a mandatory Christmas Bonus. The bonus is 6% of the employee’s wages up to a maximum employee individual wage of $10,000. Accordingly, the maximum bonus payable will be $600. In the case of those employers with 12 or less employees, the applicable rate is 3% of the employee wages up to a maximum of $10,000 ($300) Employees contracted after January 26, 2017 Every employee having worked at least 700 hours in the twelve-month period commencing October 1 and ending September 30 is entitled to receive a mandatory Christmas Bonus. In case, that the employer employs 21 or more employees for 26 weeks within the coverage period, will be required to pay to each employee a bonus equal to 3% of the total salary earned up to a maximum bonus of $600.
Due to the effects caused in Puerto Rico by Hurricane Fiona, the State Insurance Fund Corporation (CFSE) has decided to extend the deadline for employers to comply with the payment of their policies.
The afternoon of September 18, 2020, Hurricane Fiona made its landfall in the Southwest coast of Puerto Rico bringing with it 85 mph winds and a large amount of rain. This event caused many rivers to overflow their banks, causing emergencies around the Island. Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. Depending on the circumstances, the IRS may grant additional time to file returns and pay taxes. The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area.