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How to pay the Christmas Bonus / Aguinaldo in Mexico. Franklin and Marisol discuss the calculation based on the daily pay rate and number of Christmas bonus days in the employment contract for the employee. 15 days is the federal minimum. However, it can be negotiated higher between the employee and the employer in Mexico. The Christmas bonus / Aguinaldo must be paid no later than December 20th and is subject to withholding taxes based on caps. Presented by Franklin D Frith II - General Manager / Principal and Marisol Perez - HR / Payroll Manager for Human Resources Mexico S de RL (www.payrollmexico.com)
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Franklin discusses the 10 differences between Human Resources Mexico and the Global PEO / International PEO / Employer of Record / Global Employment Solutions. 1. Human Resources Mexico has physical offices with expert staff in Mexico to provide the services your employees will need in Mexico.
2. Human Resources Mexico has operated under the same legal entity for 10 years with a perfect tax payment record 3. Human Resources Mexico charges NO SETUP FEES. ZERO. 4. Human Resources Mexico does not require a deposit equivalent to months of salaries up front in order to do start doing business in Mexico 5. Human Resources Mexico can provide the employees with - Vehicles - Offices - Homes - Private Medical Insurance - Interest free loans - Food cards - Gas cards - Toll Road cards - Matched savings fund WITH NO additional fees to client 6. Human Resources Mexico provides prepaid travel arrangements like flights, hotels, and car rentals We prepay these expenses and invoice you later with no additional fees charged 7. Human Resources Mexico has been profitable going on 10 years. Therefore, all employees receive the mandatory 10% profit sharing every year 8. Human Resources Mexico has a Dun & Bradstreet Paydex rating of 80 / AA and an A1 credit rating with the National Credit Bureau in Mexico which is the best credit rating a company can receive 9. Human Resources Mexico is subject to the Dictamen Fiscal / Financial Audit by a 3rd party who is certified by SAT, the tax authority in Mexico to ensure strict compliance with the tax laws and regulations 10. Human Resources Mexico charges a total cost markup factor on taxable compensation for our services. No markup or admin fees are applied to tax deductible items. Our fee structure is easy to understand and you always know what your costs are going to be without the need to consult with us. These are 10 very big differences between Human Resources Mexico and the Global PEOs We look forward to helping you expand to Mexico. THE MOST TRUSTED PEO IN MEXICO Franklin discusses: 1.) Overall economic status Mexico’s economic freedom score is 64.8, making its economy the 63rd freest in the 2018 Index. Mexico is ranked 12th among 32 countries in the Americas region, and its overall score is above the regional and world averages. (More text follows the video below) 2.) Economic outlook
Economic growth rate of 2.2% in 2018 IMF puts its 2019 economic growth outlook for Mexico at 2.7% As a comparison, the GDP growth rate for the USA is expected to remain between the 2 to 3% for 2019 3.) Foreign direct investment Mexico is one of the emerging countries most open to foreign direct investment, the world’s fifteenth largest FDI recipient. 39.1% from USA 15.4% from Spain 8.8% from Germany 7.1% from Canada 5.9% Japan 4.) Stability of Mexican PESO The Mexican peso is forecasted to fall between 18.00 MXN / USD to 20.00 MXN / USD in 2019 5.) Effects on business by New government Dec 1, 2018 and new USMCA trade deal formerly known as NAFTA Lopez Obrador, is scheduled to take office on Dec. 1, 2018 President Obrador and his prospective cabinet have subsequently sought to calm fears surrounding the incoming administration’s economic plans. (Reuters article) 6.) Workforce observations Mexico is producing STEM graduates at a higher rate per capita than the US There is a significant increase in bilingual employees available Presented by Franklin D Frith II - General Manager / Principal for Human Resources Mexico S de RL (www.payrollmexico.com) The Most Trusted PEO in Mexico. The PEO used by the Global PEO / International PEO and Employer of Record. How to hire a foreign employee in Mexico. Franklin and Mayra discuss the steps for obtaining the Temporary Resident Visa with Permission to Work in Mexico. INM of Mexico, documents needed like passport, offer letter from Mexican employer, visa, one time visa, temporary resident visa, and more. Also we discuss status change responsibilities for the visas y time frame for obtaining the Temporary Resident Visa with Permission to Work in Mexico from the INM. Presented by Franklin D Frith II - General Manager / Principal and Mayra Muro - Administration Manager for Human Resources Mexico S de RL (www.payrollmexico.com) The Most Trusted PEO in Mexico. The PEO used by the Global PEO / International PEO and Employer of Record. Global PEO / International PEO: Fast & Loose + Global PEO Survey! Franklin discusses the statistics for the outcome of fastest growing companies and the consequences of extremely fast growth. How does this effect your global expansion efforts and the employees in the target country. Use due diligence when hiring a Global / International PEO (Professional Employer Organization.) Global expansion should be taken seriously. Global PEO: Fast & Loose + Global PEO Survey - presented by Franklin D Frith II - General Manager / Principal of Human Resources Mexico, S de RL (www.payrollmexico.com) Your level of due diligence dictates success or failure in the target country. Your employees are the front line. The employer of record in the target country is extremely important when expanding. Hire an employee under your legal entity in Mexico. Franklin and Mayra discuss the enrollment and contract process under your legal entity in Mexico. Recruitment, Employment Contract, and Background Checks. (Documents needed: IMSS registration, SAT registration, active bank accounts, and more.) Placing employees on your payroll in Mexico. Mandated Federal Holidays in Mexico. Franklin and Mayra discuss the dates for the federal holidays, what days are fixed, what days float, and what happens if an employee works a federal holiday in Mexico. Employees can't sign away their rights in Mexico. (Constitution of Mexico and Federal Labor Law.) Presented by Franklin D Frith II - General Manager / Principal and Mayra Muro - Administration Manager for Human Resources Mexico S de RL (www.payrollmexico.com) How to Calculate the Daily Pay Rate in Mexico. Franklin and Marisol discuss the calculation based on weekly, biweekly, semi-monthly, and monthly payroll in Mexico. What is the daily pay rate used for in Mexico? Presented by Franklin D Frith II - General Manager / Principal and Marisol Perez - HR / Payroll Manager for Human Resources Mexico S de RL (www.payrollmexico.com) The Most Trusted PEO in Mexico. The PEO used by the Global PEO. Get to know your Global PEO / International PEO. Franklin discusses shell companies in the target countries. Definition and best practices for PEO (Professional Employer Organization.) Global expansion should be taken seriously. Get to Know Your Global PEO / International PEO - presented by Franklin D Frith II - General Manager / Principal of Human Resources Mexico, S de RL (www.payrollmexico.com) Your level of due diligence dictates success or failure in the target country. Your employees are the front line. 6 Steps to take for hiring a global PEO / employer of record. Franklin discusses proposals, references, employment agreement, insurance, service agreement, and clarify details. How to hire a Global PEO / Employer of Record - presented by Franklin D Frith II - General Manager / Principal of Human Resources Mexico, S de RL (www.payrollmexico.com) 6 minutes of your time can save you from a lot of problems. Your level of due diligence dictates success or failure when you hire a global PEO. |
AuthorThe Most Trusted PEO in Mexico. The PEO used by the Global PEO. Archives
May 2019
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