Ecuador is getting ready for the holiday on October 9, for the 203 years of Independence of Guayaquil. It is national and there are three days of holiday that will most likely be affected by the insecurity that plagues the country.
The break begins on Saturday the 7th, continues on Sunday the 8th and ends on Monday, October 9. Generally, various civic, cultural and tourist activities will take place in the city.
In accordance with the Labor Code (article 55, paragraph 4), the employer must remunerate the worker who works those days with a 100% surcharge. He means that if he works on those mandatory rest days he must earn double for each hour worked.
How to calculate?
The first thing you should know is how much they pay you for each regular day. We leave you an example.
If you earn a basic salary, USD 450, in an 8-hour day shift with 5 days of work a week, you must apply the following formula.
The formula is to divide the salary for the 30 days of a month, and then that figure is divided by the number of hours worked.
- 450 ÷ 30 = 15 (daily payment).
- 15 ÷ 8 = 1.87 (hourly pay).
- 1.87 x 2 = 3.74 (this is 100% of the hourly surcharge).
- 3.74 x 8 = 29.97 (what you should be paid for the day worked on the holiday).
USD 3.74 It is the value of each overtime hour you work. If you work 8 hours overtime on a holiday, the amount they must pay you is US$29.97.
That is the value to be received in case of working overtime and losing in case of arriving late and deducting said hours.
It is divided by 30 since according to articles 50 and 53 of the labor code there are two days a week of forced rest. With which they are days that are paid and therefore counted in the calculation.
On previous holidays, private banks have served in person only in agencies with deferred hours, which must be communicated to clients and users.
The Association of Private Banks of Ecuador (Asobanca) recommends consulting the official communication channels of the banks that will have deferred hours.
During those days, customers will be able to access financial services on digital channels, such as:
- ATM network 24 hours a day.
- Mobile applications.
- Web banking.
- Non-banking correspondents located in commercial premises, such as stores, pharmacies and other small businesses in the country such as the neighborhood bank, my neighbor, your bank here and among others.
Private banking, in those days, will guarantee the provision of agile and secure services for its clients.
- Day of the Dead: Thursday, November 2, 2023. Non-recoverable. It joins Friday the 3rd, Saturday the 4th and Sunday the 5th.
- Independence of Cuenca: Friday, November 3, 2023. Non-recoverable. It joins the holiday of the Dead.
- Christmas: Monday, December 25, 2023. Non-recoverable. It joins Saturday the 23rd and Sunday the 24th.