The Fondo de Cesantia is the mandatory employer-funded severance savings trust for indefinite-contract private-sector Employees in Panama, established by Ley 44 de 12 agosto 1995. CifraHQ manages the full lifecycle: Monthly Accrual, quarterly deposits, bank transfer file generation, GL posting, and termination offset calculation.
Legal basis, who it applies to, contribution rates, deposit schedule, and Termination Payout rules.
Configure the trust company, account number, contribution rates, and GL accounts. One-time Setup per tenant.
How the 1.92% prima and 5.00% indemnity provisions are calculated each month when Payroll periods are closed, and what GL entries they create.
Create and manage the Quarterly Deposit batch: calculate employee lines, download the bank transfer file, mark as deposited, and reconcile with the trust.
How accumulated fund balances offset the liquidacion employer obligation and which amounts are paid versus refunded based on the cause of termination.
Cesantia Deposit Statement (trustee disclosure), Employee Balance Statement, and deposit history Audit Trail.
Common questions: cotizable base, missed deposits, voluntary contributions, rehires, and trust company changes.
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