Puerto Rico Loan Agreement for Employees
Description
How to fill out Loan Agreement For Employees?
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FAQ
Under the laws of the United States, there are no minimum requirements for an employment contract. Also, in most states, no written memorialisation of any terms is required. An employment relationship in the United States is presumed to be ?at-will,? i.e., terminable by either party, with or without cause or notice.
The concept is for the employee to receive an upfront payment of cash, similar to a sign-on bonus, where the related income arising from the forgiveness of such debt is recognized over the life of the obligation provided in the agreement.
Puerto Rico is not an 'employment at will' jurisdiction. Thus, an indefinite-term employee discharged without just cause is entitled to receive a statutory discharge indemnity (or severance payment) based on the length of service and a statutory formula.
80 to receive the equivalent of 2 months' salary plus 1 week of pay for each full year of service, if (s)he has worked for the employer up to 5 years. If the employee has worked more than 5 and up to 15 years, (s)he is entitled to receive 3 months of salary plus 2 weeks of pay for each year of service.
Puerto Rico labor laws regarding the payment of overtime are more favorable to workers that the federal overtime laws and require: time and a-half the regular hourly rate be paid for all hours worked over 8 hours per day. double time on statutory rest days; double time for hours over 40 per week.
Puerto Rico's Fixed Term Contract Act 80 defines the ?temporary employment contract? and the ?term employment contract.? If valid, these contracts for fixed periods form an exception to the ?just cause? requirement of the Unjust Dismissal Act. Though a written contract is not required it remains advisable.
Act 80 (the Unjust Dismissal Act) regulates employment termination of employees hired for an indefinite term. Puerto Rico is not an 'employment at will' jurisdiction.
Employment law in Puerto Rico is covered both by U.S. labor law and Puerto Rico's Constitution, which affirms the right of employees to choose their occupation, to have a reasonable minimum salary, a regular workday not exceeding eight hours, and to receive overtime compensation for work beyond eight hours.
