STPS will fine you from June 30 if you do not complete this mandatory procedure

The Federal Labor Law (LFT) It contains both the rights and obligations of workers in the Mexican formal sector and of companies and employers, one of them being the so-called “legal benefits.”

And among the legal benefits is payment of profit sharing to formal sector workers part of companies and employersso the Ministry of Labor and Social Welfare (STPS) has recalled that the The deadline for individuals to pay their employees this right is next June 29..

And, according to the provisions of Mexican labor laws, while companies have a profit payment deadline of May 30; Employers, for their part, have until June 29 to comply with this obligation.

Thus, the Ministry of Labor and Social Welfare (STPS) warned all natural persons with business activity who have workers under their care that, if they do not Paying these profits no later than June 29, 2024, they will be subject to fines.

Under this understanding, it is worth emphasizing the fact that the fines for not depositing the profit distribution in a timely manner range from 250 to 5 thousand UMA, but how much does this amount to?

Thus, according to the official website of the National Institute of Statistics and Geography (INEGI), the value of the monthly UMA is 3 thousand 300.53 pesos, therefore, the fines for not paying utilities range from 825 thousand 132.5 pesos to 16 million 502 thousand 650 pesos.

However, we must not lose sight of the fact that there are some workers in the formal sector who will not receive profits this year and will not be able to claim said money because the Federal Labor Law (LFT) includes exceptions in the payment of this legal benefit.

It is in this way that In the event that during 2023 you worked for any of the following companies, they will not deposit profits with you either.:

*Newly created companies during the first year of operation.

*Newly created companies dedicated to the development of a new product during the first two years of operation.

*Newly created extractive industry companies, during the exploration period (refers mainly to the mining industrial branch), to enjoy the exception period, must be newly created.

*Private assistance institutions, recognized by law that, with private property, carry out acts for humanitarian assistance purposes, without profit purposes and without individually designating the beneficiaries, such as asylums, foundations, among others. others.

*The IMSS and decentralized public institutions with cultural, welfare or charitable purposes are exempt from this obligation.

*Companies whose annual income declared to the Income Tax (ISR) does not exceed three hundred thousand pesos.

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