If you are currently working in a company, or are an employee, you are surely wondering how to calculate the first you will receive this year.
Knowing exactly this value is of great importance, since it will not only determine how we will use this money savings, but we will also be clear about what to do with it.
That is why, in this article we are not only going to explain how to calculate the work bonus, but we are going to share some very interesting alternatives to invest this money intelligently.
How to calculate the premium in Colombia in 2023:
Before explaining how to calculate the money you are going to receive, the first thing we must make clear is What is the premium and how often is it paid?.
The service premium in Colombia corresponds to a right that workers have. It is a social benefit, which Colombian companies are obliged to pay to their workers.
This corresponds to 15 days of salary for every 6 months of work. In other words, this service premium is paid twice a year (maximum June 30 and December 20 of each year) and corresponds to a monthly salary for one year of work.
So when the middle or end of the year arrives, workers in Colombia are not only wondering how to calculate the service premium, but also how to use it intelligently.
Easily calculate the service premium:
It is important to clarify that, since 2016 the Ministry of Labor in Colombia determined that all employees in Colombia, regardless of their type of work; Whether you are a domestic employee, work on the Internet, work by the hour or by the day, they will be entitled to their service premium, which will be equivalent to their hours or days of work.
to explain to you how to calculate service premiumwe will do it with an example, in this way you can calculate it quickly and you will know how much you are entitled to by law.
So, suppose you earn one and a half million pesos (1,500,000 COP) per month. To calculate the service premium you must divide your salary in two, (1,500,000/2= 750,000 COP) and this is what you will receive as a premium.
However, it is important to remember that the transportation allowance must be taken into account within the base of the monthly salary to calculate your premium.
How to calculate the daily service premium
If in your case you work for days, you are also entitled to the equivalent of a premium for services in June and December.
To calculate it, you must divide your monthly salary by 30 days to have the daily value of your salary (including service premium).
Once you have this value, the next thing is to multiply it by the number of weeks in the month (4.33 weeks), and then divide it by two, since the bonus corresponds to half a salary for every 6 months of work.
Let’s see an example to understand the calculation of the premium per day:
- Monthly salary including transportation assistance = 3,000,000 COP
- Daily salary (3,000,000/30) = 100,000 COP
- 100,000 COP x 4.33 = 433,000 COP
- 433,000 COP / 2 =216,000 COP
So, if a person with a monthly salary of 3,000,000 pesos works one day a week, they will receive 216,000 COP for service premiums.
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How to use the service premium wisely in 2022:
Now that we have made it clear what a service premium is and how it is calculated quickly, it is time to review a very important point: how to invest this money wisely.
Unfortunately, the vast majority of people use this saved money to go out to parties, spend it on unnecessary purchases, or worse, to use it as extra pocket money that they have twice a year.
If you really want to build your financial freedom, it is essential that you use this service premium in Colombia intelligently. With this purpose in mind we share some alternatives.
1. Make a digital investment
Today there are many alternatives to start investing your money. You can even do it from your cell phone with the new applications that have emerged on the market.
Today you can make multiple investments, such as:
- Open a fixed term deposit with your cell phone.
- Invest in collective portfolios.
- Buy shares of companies in Colombia or abroad.
- Invest in investment funds.
- Invest in the Colombian stock market.
Regardless of your level of risk or knowledge, today you can access platforms and tools that facilitate your investments.
So use your service premium to make your first investment, remember that it is important to start putting your money to work for you. And in this case, your service premium.
2. Make a payment to your debt
If you have significant debts, such as mortgage loans, vehicle or student debt, this service premium could help you make extra payments.
Undoubtedly, these extra credits will help you quickly get out of your debts.
The important thing here is to define if you want to reduce the time of the debt (pay less interest), or reduce the value of your monthly payment (greater cash flow).
Regardless of your financial decision, using your premium to make extra payments is a smart decision with your money that will substantially improve your personal finances.
3. Save to buy your house
The dream of many Colombians is to buy their first home. And there are many good reasons to do so. When you make this decision:
- You stop paying rent
- You will be investing in real estate
- You will have the security of having your own roof
- Your house will be valued
- The monthly payment stops being an expense (rent) and becomes a savings (payment of your house).
How to use your service premium to buy a home:
If your investment project is to buy a house, you can leverage yourself with your service premium.
The idea is that you think of a housing project that is on plans, that is, that you have a long period of time to pay monthly.
Within the calculation of the monthly fee, you must take into account the payment of your premiums, in such a way that it is easier for you to pay monthly. When you do it this way, the service premium becomes a hefty addition to your house payment.
The good thing about this type of project is that it does not necessarily have to be the house in which you are going to live. It can also be a home for investment, which will be valued and later you can sell.
If you do it this way, you will not only be using your service premium wisely, but you will be investing in your future, you will be setting aside unnecessary expenses and you will have a goal to work towards.
4. Invest in your training
Now that you know how to calculate your premium, and you understand the importance of investing this money wisely, what better alternative than to use these resources in your training.
Today you have many online training options:
For some people it can be “boring” to use this saving of money to invest in them. Unfortunately, these people are the ones who stop growing and get stuck in their current situation.
Rather, I invite you to think of this option as an investment. When you take your service bonus and invest in yourself, you will be empowering yourself to build new sources of income later.
This will lead you to earn more money each month, work less and improve your quality of life.
If you doubt, as we propose in the Rica Mente ebook, that investment you make in your training will give you returns that you will never be able to measure.
5. Reward yourself, share and enjoy
Finally, not all money has to be thought of investing. You can also take a percentage and use it to enjoy, share and spend it on what you like.
Even if it is a small gift, this type of purchase will fill your soul and make more sense, because you will understand that you are using your service bonus to build your future.
You may have to sacrifice some moments now, or put off some purchases, but when you are clear about your financial principles, you will know the reason behind these decisions.
Calculate and use your service premium intelligently:
In conclusion, learning how to calculate your service premium and knowing how to use it intelligently is a task that we must do if we really want to improve our personal finances.
It is these types of financial decisions that build our future. So you don’t take lightly the way you use your cousin.
It may well be an investment that will allow you to enjoy your financial independence, or an unnecessary expense that you will forget in a couple of months. It’s your decision.
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