20-279 20-279 . . . Incentive Bonus Plan under which committee of Board of Directors annually awards bonuses to employees of corporation and its subsidiaries and affiliates based on positions of individual employees within corporation and corporation's return on equity for that fiscal year. The target bonus for each fiscal year consists of participant's base compensation for such fiscal year multiplied by target bonus percentage as determined by committee. The earned bonus for each participant equals 100% of his target bonus if corporation achieves 13% return on equity for such fiscal year. If corporation achieves more or less than 13% return on equity, percentage of target bonus is increased or decreased accordingly. The amount of annual bonus is paid in cash, except that for junior and senior executives, 30% of such award is payable in shares of restricted common stock
Puerto Rico Restated Employee Annual Incentive Bonus Plan with attachments
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FAQ
The FLSA applies to employment within any state of the United States, the District of Columbia or any territory or possession of the United States. An employee working in a foreign country is not protected by the FLSA even though the employer has its main office in the United States.
Furthermore, there are various types of leave of absence and protections against discrimination provided by statutory laws. It is important to note that as an unincorporated territory of the United States, federal labor and employment laws also apply in Puerto Rico.
Overtime Pay Puerto Rico labor laws regarding the payment of overtime are more favorable to workers that the federal overtime laws and require: time and a-half the regular hourly rate be paid for all hours worked over 8 hours per day. double time on statutory rest days; double time for hours over 40 per week.
The payment of the bonus herein established shall be made normally between November 15 and December 15 of each year.
Benefit Equalization Plans (BEPs) are a type of SERP typically designed to restore or supplement retirement plan benefits lost due to the various salary and benefit limits placed on IRS qualified plans. BEPs may also be used to restore benefits due to plan ?freezes? or formula changes.
The Minimum Wage, Vacation, and Sick Leave Act of Puerto Rico (Minimum Wage Act) was enacted in 1998. The Minimum Wage Act establishes that the federal minimum wage fixed by the Fair Labor Standards Act (FLSA) applies automatically to non-exempt employees in Puerto Rico who are covered by the FLSA.
Act 80 (the Unjust Dismissal Act) regulates employment termination of employees hired for an indefinite term. Puerto Rico is not an 'employment at will' jurisdiction.
Because Puerto Ricans are U.S. citizens, they have an advantage in competitive labor markets over foreign workers who require a visa in order to be employed in the U.S.A. U.S. companies need skilled tradespeople as well as entry-level workers who receive training on the job.