FAQ

No more tax exemption on private pension receipts

No more tax exemption on private pension receipts

Private pension and insurance payments paid by employees and employers on behalf of employees used to have income tax exemption. As of 3 months from June 2012, the current method will be readjusted based on the following:• Private pension receipts by employee will not have anymore exemption.  The state will …

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Changes to temporary disability declaration

Changes to temporary disability declaration

 Periods of medical leave for the insured employees are reported on the Social Security Institution’s (SSI) website. These reports are supposed to be declared in 5 days starting from the end of report day. In case of not reporting, SSI used to send a written notification to the company and …

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Should overtime pay be taken into account for severance pay?

In case of termination of work where severance pay is necessary, the employee should receive 30 day worth of pay for every year completed. For severance pay, all side benefits such as food, transportation should be included besides the salary. Overtime pay should not be included in the severance pay …

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