20-161F 20-161F . . . Executive Officer One-Year Incentive Plan under which each participant receives a cash award that is determined by a two-step process which considers both the performance of the corporation as a whole during the year and the individual performance of the participant
Puerto Rico Executive Officer One-Year Incentive Plan
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US-CC-20-161F
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FAQ
Vacation/Annual Paid Leave Accrual of vacation is at the rate of one and one quarter (1 1/4) day per month, for a total of fifteen (15) days per year, provided that the employee works at least one hundred and thirty (130) hours during the month in which the accrual takes place.
The Minimum Wage, Vacation, and Sick Leave Act of Puerto Rico (Minimum Wage Act) was enacted in 1998. The Minimum Wage Act establishes that the federal minimum wage fixed by the Fair Labor Standards Act (FLSA) applies automatically to non-exempt employees in Puerto Rico who are covered by the FLSA.
? PUBLIC LAW 87 AUTHORIZATION TO RECRUIT AND TRANSPORT ? It is unlawful for any person, any organization, or the agent of a person or organization, to recruit or transport laborers for employment outside Puerto Rico without authorization by the labor secretary.
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.
The statutory severance formula for employees hired on or after January 26, 2017, regardless of years of service, changes to three months of salary plus two weeks for each completed year of service. The statutory severance is capped at nine months.
Employees in Puerto Rico are entitled to be paid at least 1.5 times their normal rate for all hours worked over the overtime limit for any hours worked over a total of 40 in a single workweek.