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The item in the envelope

The item in the envelope


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THE CORNER OF THE SARDINE

The item in the envelope


Cartoon made by Nicola Uneddu

It was a chip that glued to the envelopes, will allow you to record your voice and therefore the recipient, instead of reading, "will listen to a letter" ... so from now on we will no longer say "I will write you a letter" but "I will register you one letter!".


Severance pay on payroll?

The government would be studying the possibility of transferring part of the severance pay into paychecks. This is a good idea, as long as you leave the worker free to choose. As for the additional burdens for businesses, the problem could be solved by involving the banking system in the transaction.

THE RISKS AND OPPORTUNITIES OF A GOOD IDEA

The news according to which the proposal to transfer part of the severance pay into paycheck is being studied can only be considered positively by those who, like me, have already supported it since 2011. Deflate the "bubble" of pension savings (or almost) , to transfer it, also to help growth, on income and consumption - the weakness of which is at the root of the current crisis - is an important objective. It is also so from the social security point of view, because future pension promises, whether public or private, have their strongest guarantee not in the amount of current provisions, but in the growth of the economy and in the improvement of employment, without the which no pension promises can be kept, thus ending up with a society of "promised" (false) pensions and "poor in work and income".
But if three important observations raised in the debate of these days are not addressed, the proposal may not have the desired positive effects.
The first observation is that it would be a coercive maneuver that would force all workers to anticipate the severance pay, even those who prefer to have it as a form of savings.
The question is easily solved by allowing each worker to choose, in relation to their specific needs, whether to leave the severance pay where it is or whether to receive it in advance. In fact, the operation certainly cannot represent a kind of forced transfer, but it must be an opportunity to remove the "coercion" that exists today (forced savings).
The second observation is that this would penalize retirement savings and supplementary pensions. This objection also disappears with the non-compulsory transfer to the paycheck. The freedom of choice will leave the decision to the individual worker whether to anticipate the severance pay or whether to continue allocating it to savings or social security. Some argue that the "forced" allocation of severance pay to social security provision is motivated by the need to prevent a "moral hazard" of lack of individual pension savings. But the thesis is not convincing. First of all, pension provisions are already very high at present. A further 11-13 points are added to the 33 per cent of the compulsory pension rate for those with supplementary pension schemes, bringing the total contribution earmarked for pensions to around 45 per cent (much higher than that existing throughout Europe): a a level that risks being incomprehensible in a country with dramatic growth and employment problems. Moreover, the audience that adheres to forms of supplementary pension is characterized by professional and salary positions that are mostly medium-high: if they can already afford an additional social security contribution, they will continue to maintain it (given the lavish tax incentives). Thirdly, the coverage allowed by the current public social security system is such as to guarantee replacement rates of around 70 percent of the last net salary even to those who are fully in the contributory system. Any reduction in these rates is related to a low number of contribution years. But severance pay and supplementary pension cannot compensate for this element: if years of work and income are missing, no provisions for severance pay or supplementary pension can be produced.
The third observation, perhaps the most relevant, argues that the operation would in any case constitute an additional burden for companies (or for the INPS which currently receives part of the provisions) forcing them not to an economic cost, but certainly to an immediate outlay of liquidity (depriving them of a part of self-financing) in a situation of significant economic crisis.
First of all, it must be considered that many companies already have this burden, having to transfer the severance pay to INPS (all companies with more than 50 employees) and those whose workers subscribe to the supplementary pension. Furthermore, there may be a solution to this problem, which also allows workers who want it to receive severance pay annually. The proposal, which I have already had the opportunity to put forward in the past, is to have the banking system intervene as a financier of the severance pay advance.

A PROPOSAL TO ADVANCE THE TFR

It is a question of translating the credit (future liquidation) of workers from the company into a credit from the bank against the company. The companies would continue to make the provision in the way currently envisaged (in their financial statements, paying it to INPS or a pension fund, according to the legislation) and to pay the amount of the liquidation at the time of termination of the employment relationship. The annual fee to the worker who requests it would be disbursed by a financial institution (banks or Cassa Depositi e Prestiti) which would "advance" the gross amount of the severance pay to workers who request it. Businesses should continue, as today, to set aside the severance pay in the balance sheet with the revaluation required by law (equal interest rate). At the time of termination of the employment relationship, the company would disburse the payment not to the worker (who has already received it) but to the bank that disbursed the advance and which would have a remuneration on the loan equal to the revaluation rate of the Severance pay at 1.5 percent plus 0.75 percent of inflation (now equivalent to 2.25 percent), and this cost of banking intermediation (borne by the company) would be exactly what the company already today supports to remunerate the severance pay. For banks, the loan would be exempt from the risk of employer insolvency, as that risk is already covered by a special insurance fund at INPS, fed with a contribution of 0.2 percent.
In addition, the mechanism would also be applicable to the portion of severance pay currently managed by INPS, which concerns public employees and employees of companies with more than 50 employees. Also in this case, the advance would be made by the financial entity and nothing would change for the INPS. As for the share that companies already transfer to pension funds, the advance can be directly disbursed from the supplementary fund.

The main effects of this proposal would be those of:

1. allow you to "anticipate" the severance pay provisions in current income, without charges for businesses and INPS, strengthening income and consumption
2. determine a significant effect of additional revenues for the State which would collect the severance pay taxes not at the time of termination of the employment relationship, but would advance them from year to year. The current personal income tax rate on severance pay (or on anticipated advances) is linked to the average of the last five years, on average today estimated at around 23 percent. In the hypothesis of joining the advance paycheck of 50 percent of workers, the revenue would be almost 3 billion
3. build the opportunity for banks to provide a loan at an interest rate equivalent to the revaluation of the severance pay (today around 2.25 percent) free from risk. Today, banks procure loans from the ECB at a rate of 0.5 per cent and would find in the definition of such a loan a relevant way of securing capital relationships (in the average hypothesis, the annual flow would be approximately 12 billion that would consolidate in seven years, average duration of employment relationships, about 90 billion of credit disbursed) .. The bank loan would be disbursed to the company to finance the disbursement of to make the copious funds made available also flow to families by the ECB, (a sort of "loan for work"). It should be emphasized how much this objective, making loans from banks to households to support consumption, as well as to businesses, has been strongly emphasized several times by Draghi.

The table below shows the quantitative effects of such a proposal in relation to different hypotheses of workers' adhesion to the possibility of advancing the severance pay (1).
In the hypothesis of total adhesion to the advance proposal, the amount transferred annually (but it could perhaps also be evaluated the opportunity to extend the transfer to the accumulated amount) would be 24 billion per year, equal to 5 per cent of the total salaries and 2 , 6 per cent of consumption with a net income for the State of 5.6 billion. In the most realistic hypothesis of an average membership (equal to 50 per cent of workers and 25 per cent of those who adhere to the funds) the amount transferred would be 12 billion equal to 2.5 per cent of the total salaries and 1.3 per cent of consumption, with a net income for the State of 2.8 billion.

(1) The amounts of the severance pay were estimated on the basis of the information available from Istat, Inps and Covip data. The item severance pay for companies includes the amount of the annual severance pay that private companies set aside with them. The Inps severance indemnity item represents the portion of severance pay that private companies with more than 50 employees pay to INPS (which then pays the benefits - in Fig 1 the trend of these items since 2007). In the public severance indemnity item there are the provisions that public administrations operate and pay to INPS (formerly Inpdap management). While in the item TFR pension funds there is the provision that flows into the forms of supplementary pension


Meaning of the item "Contingency" in the pay slip

The contingency allowance is an important element present in the paycheck since it concerns the salary and the relationship to the cost of living. It means that the contingency should take into account the change in the cost of living to make you adjust the remuneration received. This item has been present in collective bargaining since the postwar period and has undergone several changes over time. An important change dates back to 1991. Until that year, the contingency provided for an equal basic amount for all employees and an amount that varied according to personal qualification and the work sector to which they belong. This mechanism has ceased to exist in July 1992 with the conception of a Memorandum of Understanding drawn up between the Government and the opposing social partners. From that moment on, only the contingency amount accrued up to that specific date is paid. If until 1991 the amount was updated every three months, after 1992 the allowance was frozen and the amount never increased again.

Today, therefore, in most collective agreements, such as those relating to the metalworking industry, the allowance in question is incorporated into the minimum salary while a minor part still has the item "Contingency" to adjust salary and cost of living. The wording with which it is called is EDR.


Employer details

The following data are indicated in the pay slip, relating tocompany:

  • identification data of the employer: name, address, tax code, VAT number
  • number of Inps position of the employer, represented by the registration number that the institution attributes to each employer at the time of opening an insurance position, we remind you that the INPS is the institution through which the worker is insured for pension, maternity , sickness, family allowances, unemployment
  • number of Inail position (Pat) assigned to the employer, corresponding to the work actually carried out by the employee, we remind you that Inail is the institution through which the worker is insured against accidents at work and occupational diseases
  • Inail items relating to the duties performed by the employee.


The item in the envelope

Hello everyone, it is now almost 2 years that every time they do
holidays, in addition to the item of the holidays enjoyed, the item is presented in the envelope
"absences" which reduces the same amount added from holidays.

I directly asked the accountant of the company complaining about
this item in the envelope, but, of course, for them it is all regular.
Other people who work IN THE SAME SECTOR, but in another company, don't
they have these strange items in envelopes.

If you are paid monthly you will see that you are paid 26 days (or 173 hours),
then you are paid for your holidays and finally withheld your holidays.
This simply means that first they "pay you the full month" then you
they further pay for the holidays and then they keep them for you because you still have them
they pay the full month.
It is a usual practice.

Let's try to do two calculations: if the item was eliminated from the paycheck
"absences", what salary would you go to receive?

It depends on the days of vacation, on average they are credited and debited
about 40 euros per day.

Maybe the salary returns (less and less than a politician or a football player), but
it bothers me to see "absences" written when I am not absent.
ALL those I have consulted, both in the same and in others
occupational categories, do not have this sinister entry in the envelope.

The problem is that "absences" I interpret as described above and if it is
so it is a very serious thing, especially in the eyes of another employer.
Also, EVERYONE I asked for said they do NOT have this item
in envelope.
It bothers me a little, and I wouldn't want it to cause any problems in the future
also with loans / pensions, as well as with other possible employers
work.

If the accountant does not know how to do his job (or wants to simplify it to
my detriment) must change profession.

from the Italian vocabulary De Agostini:
absence: absence

being absent, not being in a place

I assure you that when you are on vacation you are * absent *.
Absent justified but still absent.

The unjustified absence then, is a different thing.

For years, my paychecks have been processed as you describe yours, since
years this is how it must be done for those who have a monthly salary.

Look, I found this on the net, in the last three pages there are three
examples of paychecks related to vacation absences and, coincidentally, are
exposed as your paycheck.
http://download.microsoft.com/documents/italy/SBP/Lavoro/P65_570_575.pdf

I repeat, it is you who must change your attitude or you will have problems in
future and certainly not to have a loan or a pension.


Pay slip: who has not wondered as you read, at least once in a lifetime?

Know read your paycheck it is not impossible and, indeed, it is one of the steps that each employee must take in order to understand which are the voices that make up your own salary, in passing from gross to net, as well as what are the rules behind the accrual of holidays and permits.

In conclusion, read your paycheck it should be a family business for any worker however - also due to the complex legislation on the subject - not many people manage to do it easily.

For this reason we provide this to our readers guide with all instructions to understand how do you read a paycheck.

Inside the paycheck it does not contain only information relating to the salary of the worker, but also those relating to holidays and leave accrued, tax and social security deductions applied by the employer and registry section.

One of the elements that most interests the workers concerns the net remuneration, or the salary that will then be paid to the employee net of taxes and contributions. However for those who want learn to read your paycheck this is not the only section to be analyzed.

The various information on the pay slip include the amount of the Severance indemnity set aside, the taxes paid and the social security deductions, or the contributions paid to the pension institution to which they belong and the allowances to the family unit due.

Let's see below how to read your paycheck in simple and easy instructions for workers.

Pay slip: what it is and how to read

Before seeing together how to read, let's see what is a paycheck.

This is a mandatory document that according to the provisions of law no. 4/1953 must be delivered every month by the employer to employees.

Each paycheck, despite small differences in graphic design, is made up of four sections:

  • the section relating to the personal data of the employer and the worker
  • the numerical section relating to the sums received by the worker
  • the section of the amounts withheld for tax and social security purposes from the worker
  • the attendance calendar section with a summary of the number of hours worked and absences, leaves and holidays.

As is evident, the pay slip does not contain information relating to net pay, but a series of other data that lead many workers to ask themselves how to read the various items inside it.

Let's start from the personal data section and then go into detail and understand how to read a paycheck in all its parts.

How to read the paycheck: personal data section

There registry section is the head of the paycheck, which is the first item that the worker will find once the pay slip has been delivered.

The following must necessarily be contained in the personal data section of the pay slip employer data:

  • company registry (company, name or company name)
  • INPS position
  • INAIL position.

The section personal data of the worker instead, the pay slip must contain the following data:

  • freshman
  • surname and name
  • fiscal Code
  • hire date
  • month of pay
  • Place of work
  • work contract
  • level and qualification
  • various elements of the salary treatment
  • holidays, holidays and paid leave
  • method of payment of the salary.

Paycheck: how to read salary entries

There central part of the paycheck it contains all the information about the salary and that is why it is essential to know how to read all data contained within it.

The salary constitutes the remuneration or consideration for the service performed by the worker and the elements that make it up are listed in the pay slip.

The elements of remuneration of the worker to know in order to read the pay slip are divided into three basic parts:

  • direct salary, or that connected with the periodic services rendered by the worker and resulting from the pay slip
  • indirect salary, or that due to the worker as a result of the occurrence of some particular events and / or contractual provisions (as happens for example for the thirteenth and fourteenth month's salary, holidays and permits, etc.)
  • deferred salary, or that part of the salary that accrues periodically but is paid only retrospectively (the most important example is that of the TFR, severance pay).

How do you go from gross salary to net salary

One of the points on which it is necessary to dwell in order to understand how to read the paycheck is the passage from gross salary to net salary.

The section "total due (tot. Due)" contained at the end of the section relating to the elements that make up the worker's remuneration contains the gross salary, or the amount established by the national collective bargaining agreement applied by the company.

On this amount must be applied tax and social security deductions. To calculate the net salary it will therefore be necessary to proceed as follows:

Gross salary
- social security contributions
= taxable amount
- personal income tax deductions
= net salary of tax and social security deductions
+ allowance for the family unit
= net salary

How to read the paycheck: tax and social security deductions

Analyzing even more specifically how to read the paycheck, we obviously come across tax and social security deductions.

  • Personal income tax deductions in paychecks

The calculation of the tax withholdings is carried out on the basis of the following rates and income tax brackets:

Annual income brackets IRPEF rates 2017 - 2018
From income 0 to 15,000 euros 23%
From 15.001 to 28.000 euros 27%
From 28.001 to 55.000 euros 38%
From 55,000 to 75,000 euros 41%
From 75,000 euros 43%

IRPEF is withheld every month by the employer by way of Withholding Tax, together with the municipal surcharges approved by the municipality of residence.

Consequently, every year at the time of processing the model 730, or in the event of termination of the employment relationship, the necessary adjustments must be made.

  • Social security deductions

The social security deductions and the total of Inps and Inail contributions due are differentiated according to the type of contract and the work performed.

Social security contributions are paid in part by the employer and in part by the worker, to whom the amount will be withheld in the pay slip.

Inps and Inail contributions are withheld in order to guarantee the worker the right to an old-age pension, invalidity, insurance in the event of illness or maternity, redundancy and family allowances.

The checks to the family unit in the pay slip

L'allowance for the family unit, often indicated in the pay slip with the acronym ANF, is a benefit provided by INPS in favor of workers with dependent family members (husband, wife, children).

The family allowance must be requested by the worker online on the INPS website and is calculated using the following data:

  • qualitative and quantitative composition of the family unit
  • IRPEF income declared in the previous year.

Renzi bonus: 80 euros in paychecks

Since May 2014, the paycheck has been (literally) enriched with a new item: the bonus 80 euros or Renzi bonus.

The 80 euro bonus is a credit recognized in the employee's pay slip directly by the employers.

The latter can use the amount paid as a compensation sum in the F24 model with tax code 1655.
The Renzi bonus is due to all employees and similar workers with incomes up to € 26,600 (in reality for the range between 24,600 and 26,600 the credit is lowered to zero).

For more details, we recommend reading the guide to the Renzi bonus of 80 euros in paychecks.

Holidays and leave on paychecks

To close the paycheck there is the section relating to holidays and leave accrued by the worker.

Holidays and leave are one of the rights that are enshrined in the law towards employees both in the case of full-time and part-time employment.

For the calculation of holidays and permits it is necessary to keep in mind some particular cases: there are different rules for accrual in the case of a full-time contract or horizontal part-time contract and in cases of vertical or mixed part-time.

In any case, however, it is possible to check in the appropriate section which holidays and permits enjoyed and accrued by the worker.


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Comments:

  1. Fulton

    Nice surprise

  2. Diji

    Why are there so few topics on the blog about the crisis, you do not care about this question?

  3. Samugore

    What words ... Super

  4. Rowe

    Previously, I thought otherwise, thanks for assistance on this matter.

  5. Kazem

    I think you are not right. I'm sure. We will discuss it.



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