Frequently we find job offers that offer savings or savings funds among their benefits. These terms are so common that many people often confuse them.
Both the savings bank and the savings fund seek to encourage savings in the employee through discounts that are made periodically to their salary. These benefits offer attractive benefits, including access to personal loans. However, both saving methods work differently.
What is the savings account?
This saving is created with the voluntary contributions of the worker. This money is obtained through periodic salary discounts.
Contributing a portion of your salary to the savings account is optional, that is, no one can force you to deduct a percentage of your income for this savings. But, it is important that you know that many companies require participation in the savings account to grant personal loans.
By being part of the savings account you have the right to access your money when you need it unless you have a debt for previous loans.
What is the savings fund?
This saving is made up of two parts: the money saved by the worker and the economic contributions of the company. Within the general agreements to have a savings fund, it is considered that the company will contribute a certain amount as long as the worker also does. In other words, contributing to the savings fund is mandatory.
Being a benefit negotiated through the collective agreement, workers can only access their savings on predetermined dates. In general, companies deliver the savings fund to all their employees at the end of the year or every six months.
What are my rights?
Although there are some details that vary depending on what you have agreed with your company, this is the most important thing you should know:
- The percentages that deduct from your salary must be agreed by both parties and with prior notice.
- It is forbidden to deduct a percentage of your salary for savings if you earn the minimum.
- The maximum salary discount cap is 30% of the minimum wage surplus.
- According to the Federal Labor Law, savings cannot be subject to compensation, discount, reduction, retention or attachment.
- The income that comes from the savings bank cannot be taxed with the Income Tax.
As you can see, both benefits are aimed at encouraging the culture of savings among employees. Ideally, keep personal finances stable, allocating a portion of your income monthly to a contingency save, but we know that it is not always possible. If you find yourself in an extraordinary situation and you need to get fast money, do not hesitate to approach Good Finance Mexico.
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