Dear clients and Friends,
We would like to inform you that Ministerial Resolution No. 512/21 of May 21, 2021 was published in the website of the Ministry of Labor, which regulates Supreme Decree No. 4501 of May 1, 2021 of the increase to the national minimum wage for 2021 fiscal year. The minimum wage is set to be 2164 Bs. which represents a 2% increase that must be applied on the remunerative concepts where it has an impact.
Likewise, it is indicated that payment of salary reimbursement forms must be made until May 31, 2021 without delay, indicating that any dependent worker who complies with the full working day cannot receive a basic salary of an amount less than the minimum wage.
To take note of the practical aspects of this regulation we have the following:
• The retroactive salary increase form must be submitted to the Ministry of Labor, Employment and Social Security until June 30, 2021, it must be retroactive to January 1, 2021.
• The private mining sector has a submission deadline until Friday, July 30, 2021.
• The presentation of the aforementioned form must be made by the virtual office: https://ovt.mintrabajo.gob.bo/
• Prior to submitting the return and filling out the form at the OVT, the employer must make a deposit of 105 Bs. For returns up to 100,000 Bs. Or 130 Bs. For returns greater than 100,000 Bs. This must be done in the account determined by the Ministry of Labor, Employment and Social Welfare at Banco Unión 16036425.
• We recall that failure to comply with the provisions contained in the aforementioned regulations will be subject to sanction in accordance with Ministerial Resolution No. 212/18.
To access the complete regulation click here