20-221D 20-221D . . . Stock Bonus Plan Board of Directors has authority to determine which key employees shall be awarded stock bonuses, amounts of bonuses, number of shares of common stock to be awarded, and all other terms and provisions of each bonus. Bonus awards are based on attainment of specified types and combinations of performance measurement criteria, which may differ as to various employees
Puerto Rico Executive Bonus Plan
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Multi-State
Control #:
US-CC-20-221D
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Word;
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Overtime Pay 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.
It is hereby provided that every employer who employs fifteen (15) employees or less shall pay a bonus equal to three percent (3%) of the total maximum wage of ten thousand dollars ($10,000). year of employment.
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.
Furthermore, there are various types of leave of absence and protections against discrimination provided by statutory laws. It is important to note that as an unincorporated territory of the United States, federal labor and employment laws also apply in Puerto Rico.
Because Puerto Ricans are U.S. citizens, they have an advantage in competitive labor markets over foreign workers who require a visa in order to be employed in the U.S.A. U.S. companies need skilled tradespeople as well as entry-level workers who receive training on the job.
It is provided that every employer who employs 15 employees or less for more than 26 weeks within the 12-month period from the 1st. October of any year until September 30 of the following calendar year will grant a Christmas bonus equivalent to 3% of the total maximum salary of $10,000.
The amount of the bonus is added to this wage amount. The tax to be withheld is computed upon this combined amount as if it were an annual payroll period. The tax previously withheld, if any, is subtracted from this amount, and the result will constitute the total tax to be withheld upon the bonus payment.
The FLSA applies to employment within any state of the United States, the District of Columbia or any territory or possession of the United States. An employee working in a foreign country is not protected by the FLSA even though the employer has its main office in the United States.
