Employment Cost Calculations for a ₡ 135,000.00 Salary in Costa Rica
Employing staff in Costa Rica involves understanding the various costs associated with a salary. For a salary of ₡ 135,000.00 per annum, there are several factors that contribute to the total employment cost. This article aims to provide a detailed breakdown of these costs, helping employers in Costa Rica navigate through the financial responsibilities of hiring employees.
Costa Rica Cost of Employee Earning ₡ 135,000.00 Salary per Annum Calculation | ₡ 135,000.00 | Annual Salary in 2024 |
+ | ₡ 35,775.00 | Costa Rica Employers Social Security Contributions on ₡ 135,000.00 in 2024 |
| |
= | ₡ 170,775.00 | Total Payroll cost of Employee in Costa Rica in 2024 |
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₡ 135,000.00 Salary in Costa Rica - Payroll Cost Analysis
As an employer in Costa Rica, it is clearly important to understand the gross salary you pay your employees as this figure tends to be used for salary comparison against other related jobs and positions when recruiting and retaining staff in Costa Rica. A good employer also understands the value of understanding "net pay" or "take home pay" as it is commonly referred to. Visability of the take home pay your employees in Costa Rica attain is important for understanding how they cope with the cost of living in Costa Rica and ensuring that they have sufficient funds to engage their focus in work activities during employment hours, i.e. they are not preoccupied with financial concerns due to poor salary or considering leaving for better salary package oppertunities.
Employer Cost Elements
Employee Cost Elements Key Points:
Employer Socail Security1: 20.95%
Gross Salary1: 79.05%
₡ 135,000.00 Salary Elements
₡ 135,000.00 Salary Elements Key Points:
Employee Socail Security2: 10.5%
Personal Income Tax2: 0%
Take Home Pay2: 89.5%
Note1: Employer Social Security and Salary percentages shown as a percentage of total employment cost in Costa Rica.
Note2: Employee Social Security, Personal Income Tax and Take Home Pay in Costa Rica shown as a percentage of Gross Salary in Costa Rica in 2024.
What is the take home pay on a ₡ 135,000.00 salary in Costa Rica?
For our ₡ 135,000.00 salary in Costa Rica, our employee would have an annual take home pay after payroll deductions and taxes of ₡ 120,825.00 which is 89.5% of their gross pay, you can see a salary and payroll deductions example for ₡ 135,000.00 here.
What are the employer costs on a ₡ 135,000.00 salary in Costa Rica?
As we showed on the snapshot table earlier, the cost on an employee on a ₡ 135,000.00 annual salary in Costa Rica is ₡ 170,775.00, let's take a look at how this figure was calculated:
Costa Rica: Employer Social Security and Payroll Contributions Calculation 2024 | ₡ 12,487.50 | Costa Rica Employers Contributions for Medical & Maternity in 2024 |
+ | ₡ 7,087.50 | Costa Rica Employers Contributions for Basic Pension Scheme in 2024 |
+ | ₡ 337.50 | Costa Rica Employers Contributions for Banco Popular Employer Fee in 2024 |
+ | ₡ 6,750.00 | Costa Rica Employers Contributions for Family Assignations in 2024 |
+ | ₡ 675.00 | Costa Rica Employers Contributions for Social Aid (IMAS) in 2024 |
+ | ₡ 2,025.00 | Costa Rica Employers Contributions for INA in 2024 |
+ | ₡ 337.50 | Costa Rica Employers Contributions for Contribution from Banco Popular Employer in 2024 |
+ | ₡ 4,050.00 | Costa Rica Employers Contributions for Labor Capitalization Fund in 2024 |
+ | ₡ 675.00 | Costa Rica Employers Contributions for Complementary Pension Fund in 2024 |
+ | ₡ 1,350.00 | Costa Rica Employers Contributions for National Insurance Institute (INS) in 2024 |
| |
= | ₡ 35,775.00 | Costa Rica Employers Contributions on ₡ 135,000.00 in 2024 |
Costa Rica: Employer Contributions Calculation for Medical & Maternity 2024 | ₡ 135,000.00 | Salary in 2024 |
x | 9.25% | Costa Rica Employer Contribution Rate for Medical & Maternity in 2024 |
| |
= | ₡ 12,487.50 | Costa Rica Employers Contributions for Medical & Maternity on ₡ 135,000.00 in 2024 |
Costa Rica: Employer Contributions Calculation for Basic Pension Scheme 2024 | ₡ 135,000.00 | Salary in 2024 |
x | 5.25% | Costa Rica Employer Contribution Rate for Basic Pension Scheme in 2024 |
| |
= | ₡ 7,087.50 | Costa Rica Employers Contributions for Basic Pension Scheme on ₡ 135,000.00 in 2024 |
Costa Rica: Employer Contributions Calculation for Banco Popular Employer Fee 2024 | ₡ 135,000.00 | Salary in 2024 |
x | 0.25% | Costa Rica Employer Contribution Rate for Banco Popular Employer Fee in 2024 |
| |
= | ₡ 337.50 | Costa Rica Employers Contributions for Banco Popular Employer Fee on ₡ 135,000.00 in 2024 |
Costa Rica: Employer Contributions Calculation for Family Assignations 2024 | ₡ 135,000.00 | Salary in 2024 |
x | 5% | Costa Rica Employer Contribution Rate for Family Assignations in 2024 |
| |
= | ₡ 6,750.00 | Costa Rica Employers Contributions for Family Assignations on ₡ 135,000.00 in 2024 |
Costa Rica: Employer Contributions Calculation for Social Aid (IMAS) 2024 | ₡ 135,000.00 | Salary in 2024 |
x | 0.5% | Costa Rica Employer Contribution Rate for Social Aid (IMAS) in 2024 |
| |
= | ₡ 675.00 | Costa Rica Employers Contributions for Social Aid (IMAS) on ₡ 135,000.00 in 2024 |
Costa Rica: Employer Contributions Calculation for INA 2024 | ₡ 135,000.00 | Salary in 2024 |
x | 1.5% | Costa Rica Employer Contribution Rate for INA in 2024 |
| |
= | ₡ 2,025.00 | Costa Rica Employers Contributions for INA on ₡ 135,000.00 in 2024 |
Costa Rica: Employer Contributions Calculation for Contribution from Banco Popular Employer 2024 | ₡ 135,000.00 | Salary in 2024 |
x | 0.25% | Costa Rica Employer Contribution Rate for Contribution from Banco Popular Employer in 2024 |
| |
= | ₡ 337.50 | Costa Rica Employers Contributions for Contribution from Banco Popular Employer on ₡ 135,000.00 in 2024 |
Costa Rica: Employer Contributions Calculation for Labor Capitalization Fund 2024 | ₡ 135,000.00 | Salary in 2024 |
x | 3% | Costa Rica Employer Contribution Rate for Labor Capitalization Fund in 2024 |
| |
= | ₡ 4,050.00 | Costa Rica Employers Contributions for Labor Capitalization Fund on ₡ 135,000.00 in 2024 |
Costa Rica: Employer Contributions Calculation for Complementary Pension Fund 2024 | ₡ 135,000.00 | Salary in 2024 |
x | 0.5% | Costa Rica Employer Contribution Rate for Complementary Pension Fund in 2024 |
| |
= | ₡ 675.00 | Costa Rica Employers Contributions for Complementary Pension Fund on ₡ 135,000.00 in 2024 |
Costa Rica: Employer Contributions Calculation for National Insurance Institute (INS) 2024 | ₡ 135,000.00 | Salary in 2024 |
x | 1% | Costa Rica Employer Contribution Rate for National Insurance Institute (INS) in 2024 |
| |
= | ₡ 1,350.00 | Costa Rica Employers Contributions for National Insurance Institute (INS) on ₡ 135,000.00 in 2024 |
These calculations are based on the annual gross salary of ₡ 135,000.00 and the Social Security Rates and Thresholds for Costa Rica during the 2024 tax year which are displayed below.
Costa Rica Social Security in 2024: Rates for Employers and EmployeesSocial security category | Employee | Employer | Total |
---|
Medical & Maternity | 5.5% | 9.25% | 14.75% |
Disability, Old Age & Death Benefits | 4% | 0% | 4% |
Workmens Savings Banks | 1% | 0% | 1% |
Basic Pension Scheme | 0% | 5.25% | 5.25% |
Banco Popular Employer Fee | 0% | 0.25% | 0.25% |
Family Assignations | 0% | 5% | 5% |
Social Aid (IMAS) | 0% | 0.5% | 0.5% |
INA | 0% | 1.5% | 1.5% |
Contribution from Banco Popular Employer | 0% | 0.25% | 0.25% |
Labor Capitalization Fund | 0% | 3% | 3% |
Complementary Pension Fund | 0% | 0.5% | 0.5% |
National Insurance Institute (INS) | 0% | 1% | 1% |
Costa Rica Social Security in 2024: Earnings Thresholds for Employers and EmployeesSocial security category | Employee | Employer |
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Min. | Max. | Min. | Max. |
---|
Medical & Maternity | n/a | n/a | n/a | n/a |
Disability, Old Age & Death Benefits | n/a | n/a | n/a | n/a |
Workmens Savings Banks | n/a | n/a | n/a | n/a |
Basic Pension Scheme | n/a | n/a | n/a | n/a |
Banco Popular Employer Fee | n/a | n/a | n/a | n/a |
Family Assignations | n/a | n/a | n/a | n/a |
Social Aid (IMAS) | n/a | n/a | n/a | n/a |
INA | n/a | n/a | n/a | n/a |
Contribution from Banco Popular Employer | n/a | n/a | n/a | n/a |
Labor Capitalization Fund | n/a | n/a | n/a | n/a |
Complementary Pension Fund | n/a | n/a | n/a | n/a |
National Insurance Institute (INS) | n/a | n/a | n/a | n/a |
Holistic Cost of Employee in Costa Rica calculations
In this cost of employment analysis of a ₡ 135,000.00 salary in Costa Rica we have focused on the specific payroll elements of Basic Salary and Social Security but this is not a holistic employment cost calculation. The true cost of employing someone with a salary of ₡ 135,000.00 per annum in Costa Rica extends well beyond the gross salary. Employers must account for social security contributions, taxes, additional benefits, training costs, administrative expenses, and legal obligations. A comprehensive understanding of these elements is crucial for effective financial planning and management of human resources in Costa Rica. This is particulalry true for the first year of employment when setup costs are higher.
1. Basic Salary
The base of the employment cost is the gross salary, which in this case is ₡ 135,000.00 per annum. This amount is what the employee earns before any deductions or additional costs are considered.
2. Social Security Contributions
In Costa Rica, employers are required to contribute to social security, which includes Medical & Maternity, Disability, Old Age & Death Benefits, Workmens Savings Banks, Basic Pension Scheme, Banco Popular Employer Fee, Family Assignations, Social Aid (IMAS), INA, Contribution from Banco Popular Employer, Labor Capitalization Fund, Complementary Pension Fund, National Insurance Institute (INS). In 2024, an employer contributions typically amount to around 26.5% of the gross salary where as employees typically contribue 10.5% to social security in Costa Rica.
3. Additional Benefits and Bonuses
Many employers in Costa Rica offer additional benefits such as bonuses, and other perks. These should be factored into the total employment cost as they can significantly increase the overall financial commitment.
4. Training and Development Costs
Investments in training and development are vital for keeping your employees in Costa Rica skilled and motivated. These costs can vary but should be included in the total employment cost calculation.
5. Administrative and Overhead Costs
There are also administrative costs related to Costa Rica payroll management and other HR functions. Overhead costs like workspace, equipment, and utilities attributed to the employee should also be considered.
6. Legal Obligations and Insurance
Employers in Costa Rica are also responsible for certain legal obligations and insurances, which can add to the employment cost. These include liability insurance and adherence to labor laws and regulations.
Similar Employee Cost Examples in the 135k earning range
You may also find the following salary based employee cost examples for Costa Rica useful as they were viewed by others who read the "Employment Cost Calculations for a ₡ 135,000.00 Salary in Costa Rica", alternatively you can create your own employee cost calculation here.