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Chile releases ceilings for 2014 social security contributions
1. Chile Releases Ceilings for 2014 Social Security Contributions
Effective 1 January 2014, the Chilean Taxation Office increased the limits related to social security
contributions and employment tax withholding, reports Nair & Co. which provides global HR services for
companies setting up foreign operations.
The maximum contributions are now calculated as follows:
Contributions
Rates
Mandatory Pension (AFP) and Calculated over a monthly
Mandatory Health (Isapre)
Applicable to
-
salary limit of UF 72.30
(up from UF 70.30 in
local employees working in
Chile
-
2013)
expatriates who contribute
to
their
Chilean
pension/health
while
being
schemes
outside
the
country
-
Expatriates working in Chile
and contributing to their
Chilean
pension/health
schemes
Unemployment Insurance
Calculated over a cap of
UF 108.50 (up from UF
105.40 in 2013)
-
Both
employer
employee contributions
and
2. Companies with operations in Chile should consider these changes when forecasting employment costs
and preparing employment contributions. Also, companies must update internal systems and processes
to ensure appropriate withholding from salary payouts to employees.
For more information about doing business overseas or to learn more about our International Payroll
Services team please contact us.
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Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax
and compliance services for the set up and management of your international operations. Our model of
a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand
business and manage risk so they can focus on their core business and sustain growth with minimal risk,
stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in
Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more
at www.nair-co.com
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