Bad financial education: Debt eats up bonuses in Q. Roo

December 20 is the last day to pay bonuses in Mexico, and in Quintana Roo, companies are even resorting to borrowing up to 80 thousand pesos to pay their employees, more than half of whom They will use the money to cover their own debts.

According to a survey by consulting firm ODC, one of the largest employment agencies in Mexico dedicated to posting job vacancies, 64% of those who receive this Christmas bonus in the Mexican Caribbean will use it to pay off their financial obligations, such as a credit card. , mortgages, financial, among others.

Nationally, only 42% use it for this purpose.

“It happens given the dynamics of the state’s tourism industry”, mentions consultant Javier Román Castillo Peraza.

The professor of economics also explained that a similar situation can be observed in states that depend on the arrival of visitors to support their economy, such as Guerrero or Baja California Sur.

In these places, there are high and low seasons of tourist activity.. So the workers usually get debts when there are few tourists, but they are not paid by the income they get from the peak season, but they carry it until the end of the year,” he stated.

He said the company he belongs to, which is dedicated to offering advice on debt refinancing in an accounting entity, serves hundreds of people every month who have accumulated a large amount of credit in excess of their income because they paid only the minimum each time. , interest is piling up.

Mention it It is the result of poor financial education.. And for this reason, only 8% of Quintana Roo employees use the bonus to invest in businesses, funds and durable goods that generate income, while the national average is 25%.

Half of the small and medium-sized enterprises went into debt due to the payment of bonuses

Five out of every 10 small and medium-sized companies took out loans ranging from 15,000 to 80,000 pesos to pay their employees’ bonuses.

Amir Padilla Espadas, President of the National Chamber of Commerce, Chetumal-Tulum Delegation, explained that most of those affected are entrepreneurs who have been working for less than two years, as well as those who fall into the service or trade sector.

“Although this is a time of relative prosperity, the benefit is not the same for everyone: most big box stores typically capture up to 60% of buyers, so it is difficult to have the liquidity to meet this end-of-year commitment. “, declared the union leader.

He mentioned it anyway All businesses know very well that they have to pay a bonus to its employees no later than December 20, although he noted that in some cases the employer and the worker agree to pay it in deferred installments: one in December and the other in early January.

He said these agreements are viable and avoid problems for both sides because the penalties are too high if they are not implemented.

“In this phase We see the possible approval of the double bonus initiative as very complicated, through which the Congress of the Union intends to double the number of minimum days of this benefit; because if we are currently struggling to pay 15 days salary, 30 would be much worse,” he stated.

However, the businessman believes that the situation will improve next year as a result of projects that have been put into operation, such as the Mayan train, which promises a greater influx of visitors in the southern region of the state.

“Increased flow of money, arrival of more tourists and opening of new businesses and franchises, he could power Chetumal, Bacalar, Mahahual and Felipe Carrillo Puerto to a level we’ve never seen before. If that happens, then Christmas 2024 will be much better than this one; But if that doesn’t happen, everything will be much more complicated with all the labor reforms that are on the horizon,” he explained.

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