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What is a labor settlement?

It is the final payment a worker receives when their employment relationship ends. It includes social benefits proportional to the time worked during the last period: service bonus, severance pay, interest on severance pay, and vacation. If the dismissal was without just cause, a compensation is also included.

What does the settlement include?

The settlement includes: proportional service bonus (equivalent to 15 days of salary per semester), severance pay (one month of salary per year), interest on severance pay (12% annually on severance), and proportional vacation (15 business days per year). If applicable, compensation for unjust dismissal is added.

When must they pay me the settlement?

According to Article 65 of the Substantive Labor Code, the employer must pay the settlement at the time of contract termination. If they don't, they must pay a default penalty equivalent to one day of salary for each day of delay, for up to 24 months. After this period, default interest is generated.

What is compensation for unjust dismissal?

It is an economic compensation that the employer must pay when they terminate the contract without a valid legal cause. The amount depends on the salary and the worker's seniority. For indefinite-term contracts with a salary of up to 10 minimum wages, it corresponds to 30 days of salary for the first year and 20 days for each additional year. It does not apply in case of voluntary resignation or mutual agreement.