What is Bono 14 ?
It is an annual economic benefit that all employers have to pay to their employees in Guatemala and it has to be paid in july, like an extra month bonus.
It has been installed by the 42-92 Decree of the National Congress of Guatemala.
The law stipulate that it is mandatory for the public and private sector.
And it is independent of any other bonus.
This bonus has to be equivalent to the ordinary monthly wage for one year of continuous service.
So it is calculated from the 1st of July to the 30 st of june. If you employee started in the middle of the year or are not full filled a year of work yet.. Still you have to pay it proportionally to the time work until the 30 st of june.
Ordinary monthly wage it means not including the Bono incentivo of Q 250 paid on top of the ordinary wage.
The Bono 14 has to be paid during the 1st and 15th of july.
Also remember to have it documented properly. With a proper receipt and I always recommend to pay by check as a double proof of payment. A check specifically of the amount.
It is a big moment for the Guatemalan Economy as it is with the payment of the Aguinaldo in December. As a lot of cash is injected in the economy at that time. And you often see dedicated add inviting people to spend their bonus on tires, Tv....
According the National Institute of Statistics of the Fifteen Milliones inhabitants of Guatemala only Six are part of the working population (in age to work). Of these six only 25% of them receive this bonus.. The rest being in part of the informal sector have no access to these workers rights.