The savings fund is funded in such a way that, as in the case of the savings bank, savings are encouraged by employees; with the difference that the employee and the employer contribute in the background. This figure is most commonly used by companies because not only does it not cause SRI (it is managed properly and always respects the limits set by law), but it is also not part of the SDI (Integrated Daily Wage), but is also not part of the SDI (Integrated Daily Wage), this is for the purposes of the IMSS. The savings fund is a collective social security measure promoted by companies to protect and increase the wealth of workers. Through these instruments, employees can regularly save a portion of their income while receiving contributions from their employer. This money is received at the end of a predetermined period. Promoting saving with a fund as an advantage above the law is a good practice that allows people to learn how to save without it being an ordeal. This is also important in emotional content, because knowing that the company gives a sense of support and security for every weight the worker puts into it. And it actually benefits both parties. The main purpose of mutual funds is to help workers and help them create wealth. Add Runa savings funds to your pension plan and strengthen your team while your business wins. Labour law obliges employers to grant reductions in contributions to the savings bank, provided that the express intention of the employee exists. 1.- SAVINGS FUND (LFT) The provision of the savings fund results exclusively from the mediation of the collective agreement, since the Federal Labour Code (LFT) does not provide for any express provision in this regard. Savings banks may be introduced through the legal concept of civil society or civil association, provided that their purpose is to promote the integral development of affiliated employees and to promote savings and mutual assistance through the introduction of savings and credit schemes.

This instrument must also aim to increase wage returns and promote wealth creation. The number chosen determines the applicable law. On the other hand, it is also provided that the ISR will not be paid on income received by natural persons (related employees of the savings bank), as it is considered exempt income for these employees. Article 132 These are the duties of employers. XXIII. deduct the quotas for the creation and promotion of cooperatives and savings banks referred to in Article 11(IV). Saving should be essential in everyone`s life. To encourage this, many companies have the savings fund as an advantage.

In this article, you will learn what it is, how it is calculated and how it can be deducted from taxes. In the digital tax declarations (CFDI) of employees, the discount granted to them must be stamped with the code 018 quotas for the creation and promotion of cooperatives and savings banks. Savings are synonymous with pension provision. Saving can enable them to cope with economic difficulties, long-term goals such as building wealth, take advantage of opportunities that come our way (a business, an investment, etc.), and is a fundamental part of financial education. However, savings in Mexico are not common. The company`s contribution to the savings fund shall not be taken into account in the integration into the salary of the basic contribution if: savings are an integral part of the salary and are therefore subject to the protection provided for by the Federal Labour Act in Articles 105 and 110, so that it cannot be updated; Reduce, retain or capture. The deduction requirements and exemption from payment of tax (ESR) on income received by employees of savings banks and funds are aligned with the provisions of Article 31 of the FRACC. XII.6 | You can make payments for services by direct debit via the Sparkasse. One of the most common forms of administration, by agreement between the enterprise and the union, is that in which the enterprise deducts the cash contributions from the employee`s salary and hands them over for administration to a committee formed by the worker members, i.e.: the assembly, which sets the criteria for administration and management. These instruments require the cooperation of both parties forming an employment relationship.

This means that feedback comes from both the employee and the employer. In the latter case, they may contribute an amount higher than that of the employee, subject to a ceiling of 13% of their salary. SOCIAL SECURITY, SAVINGS BANKS, CONTRIBUTIONS WITHDRAWN MORE THAN TWICE A YEAR. THE ADDITION OF SECTION II OF ARTICLE 31 OF THE LAW REGULATING IT FOR THE PURPOSE OF CONTRIBUTION DOES NOT VIOLATE THE PRINCIPLE OF FISCAL LEGALITY (OFFICIAL GAZETTE OF THE FEDERATION OF THE TWENTY-DAY JULY OUT OF NINETEEN NINETY-THREE). Section II of Article 31 of the Social Security Code, added by the decree published on the twentieth of July in the year one thousand nine hundred and ninety-three, respects the principle of fiscal legality, since it specifies that the basis for the assessment of employers` contributions is integrated into the contributions of employees who, even if they are intended for the savings bank, are removed more frequently than twice a year; With these terms, which are usually included, the elements that contribute to the basis of the galidad are perfectly delimited: if the sale of capital is frequent, it is obvious that it is not a savings fund, but an additional economic representation that must integrate the salary for the purpose of liquidating the employer`s employee quotas. XIII. Civil institutions or companies set up solely for the purpose of managing savings funds and banks, and those referred to in labour law, as well as cooperative savings and credit societies covered by the People`s Savings and Credit Act. Opine: What are the biggest benefits of a savings bank for employees of a company? As we can see, the total amount of the savings fund that corresponds to you was $21,600, which was below the legal limit ($42,524.69), your savings fund will arrive in full since taxes are not deducted. In the case of these instruments, it is the employees who make voluntary contributions to the company, while the company has only control and acts as an intermediary between the financial institution that protects the money and the workers. This publication provides simple and practical information on the legal and tax bases and regulations of savings banks and banks and explains in detail the requirements and restrictions that must be taken into account to fully comply with legal and tax regulations. One of the most popular benefits today are those that encourage savings among workers: savings banks and savings banks.

While they may seem similar, each of these additional benefits offers unique benefits to workers, and it`s important to know them before choosing which one you`ll include in your benefit plans. 8 | To make withdrawals in other countries, it is necessary to consider whether the card associated with the savings bank allows this type of operation. Since this is a social benefit obtained through the negotiation of the collective agreement and because of the link between the two savings vehicles, we make the relevant differences in terms of requirements and characteristics. Savings banks are financial instruments which, in the case of companies, are abolished collectively or individually in order to protect employees` money. They consist of optional benefits that can be used by employees as long as they wish to participate, so they are neither legal nor mandatory. Article 4-BIS. According to article 4 of that law, civil society associations and enterprises, as well as groups of natural persons, whose sole purpose is to collect funds from their members for mediation between them, which meet the following conditions, are not considered to be national savings and credit operations: If the employee receives the general minimum wage or a salary whose amount – once the discount for the payment of the savings fund – is less than the minimum amount according to Articles 97 and 110 LFT cannot be deducted for this purpose. 1.- Suppose that Sebastian has an annual salary of $216,000 and that the company where he works has as an advantage above the law the savings fund of 10% of his salary.