27th March, 2018
Amazon.com and Casino Guichard Perrachon are negotiating a deal in Brazil either partnering or selling the French retailer’s local appliance and electronics chain, a source familiar with the talks said on Tuesday.
Brazilians are paid monthly in arrears and are required by law to receive their salary by the 5th working day of the following month. That's not unusual, but the fact that they receive 13 monthly salaries per year is! The 13th salary was established in Brazil by then President João Goulart on 13th July, 1962. João Goulart was the last elected President prior to Brazil's Military Dictatorship, which started in 1964 and ceded power in 1985.
Goulart determined that every year, in December, all employees should receive a Christmas reward from their employers. This reward was aimed at promoting a more joyous Christmas for the employees and stimulating industry and business, increasing sales and consequently, tax revenue.
The calculation is quite simple, employers total their employees salary over the previous 12 months, divide it by 12 & then pay that amount as an extra salary at the end of the year. This calculation results in employees who have worked for less than a year receiving a proportional amount.
The 13th salary is divided in two installments, each one containing half of the value of the full amount to be paid. Legally, the first instalment must be paid between February, 1st and November, 30th and the second instalment by December, 20th. The reality is that most employers pay the 13th salary in two instalments on 30th November and 20th December(or the working day before if either or both of those dates are weekends).
Employees are permitted to ask for the first of their 13th salary instalments to be paid with their holidays however this is very unusual and I'm yet to find an employer that does this. Employees who were dismissed with “just cause”, forfeit any right to receive the 13th salary, whether they are dismissed in January, November or any other time. Any employee dismissed without cause is entitled to receive(among many other things) whatever proportion of the 13th salary they have earned that year.
Overtime worked, night shift allowances, danger money and regular bonuses are considered additionals and are included in the calculations for the 13th salary.
27th March, 2018
Amazon.com and Casino Guichard Perrachon are negotiating a deal in Brazil either partnering or selling the French retailer’s local appliance and electronics chain, a source familiar with the talks said on Tuesday.
19th February, 2018
Economic activity in Brazil expanded at a faster-than-expected pace in December, capping the first annual increase in four years following the deepest recession in decades.
7th February, 2018
Marcio Appel, a 45-year-old money manager whose main fund topped 89 percent of its peers in the past year, is betting on Brazil’s benchmark stock index to double over the next 12 months.
6th February, 2018
Boeing has presented a plan to Brazil’s government that would give it an 80 to 90 percent stake in a new venture encompassing Embraer’s commercial jet business, a Brazilian newspaper reported on Tuesday.
3rd January, 2018
A year after buying a minority stake in Brazilian app 99 - owner of the second most used transportation application in the country, behind Uber -, the Chinese company Didi Chuxing, founded and run by businessman Cheng Wei, closed the acquisition of the Brazilian company at a valuation of R$3.25 billion (US$1 billion).
28th August, 2017
Facebook Inc on Monday unveiled its first training centre in Latin America for coders and entrepreneurs, encouraging technology careers for young Brazilians saddled with unemployment after a deep economic crisis.
23rd August, 2017
Brazil on Monday floated a proposal to cede control of the country's biggest power utility, Eletrobras, in the boldest privatisation yet by a government struggling to close a record budget deficit, sending Eletrobras' shares soaring in after-market trading.
22nd August, 2017
Brazil’s antitrust watchdog Cade said AT&T’s US$85.4 billion deal for Time Warner poses a high risk to competition, a potential complication that threatens to delay the final approval process.
14th August, 2017
Lu’s not like other girls on Tinder. For starters, she’s an avatar. The digital saleswoman popped up on the dating app last June, offering coupons as part of Brazilian retailer Magazine Luiza SA’s strategy to boost e-commerce. She’s been surprisingly effective, lifting the company’s online sales by almost five times the pace of the overall market in the first half of the year and helping make Magazine Luiza the world’s best-performing major retail stock.
28th July, 2017
Embraer SA returned to profit in the second quarter as the Brazilian aircraft manufacturer ramped up deliveries of narrow body E-Jets to airlines and brought down operating costs through job cuts and controls on corporate expenses.