Law No. 12.883

BANK RETIREMENT BOX

IT ESTABLISHES THAT IT WILL SERVE ITS RETIREES AND PENSIONERS, AN EXTRAORDINARY PAY IN THE MONTH OF DECEMBER OF EACH YEAR AND A FUND OF RESOURCES IS CREATED.

DECREE:

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Article 1 °.
The Bank Retirement Fund will serve its retirees and pensioners, an extraordinary payment in the month of December each year, according to the rules set out in the following articles.

Article 2 °.
They shall be entitled to the extraordinary year-end pay, all retirees and pensioners whose passivities are served or have been due to the date of closure of the financial year referred to in Article 10.

Article 3 °.
In cases of affiliates who are absent or absent from the country, they must have a residence of at least one hundred and eighty days in the financial year in question, in order to be entitled to the pay extraordinary.

Article 4 °.
The amount of the extraordinary year-end pay, shall be set by the Honorary Council by five compliant votes, at each opportunity, in accordance with the Fund's possibilities for such purposes to be created by this law, not being less than two hundred pesos ($200.00) and not more than 100% of the pension
or affiliate's pension.

Fixed the amount of the pay, each affiliate will be liquidated as many twelve avas parties, as months have been in passivity, during the corresponding exercise.

For these purposes, the fractious greater than fifteen days, shall be taken as a whole month.

Article 5 °.
When pensions or pensions are accumulated with each other, for the purposes of the settlement of the extraordinary pay, the passivities shall be added, not exceeding the legal maximum, and on that basis. amount, the pay will be calculated.

Article 6 °.
In the pensions in which there is a concurrence of beneficiaries, the extraordinary pay shall be distributed in the same manner as established for the pensions by Article 24 of the decree-law N ° 10.331, dated January 29, 1943.

Article 7 °.
Create the Extraordinary End of Year Pay Fund, with which only the services provided for in this law will be serviced á .
The surpluses that may exist in each exercise will be poured into the Joint Retirement Fund.

Article 8 °.
The Fund referred to in the previous article shall be constituted with the following resources:

A) With a contribution from the Jubilant Common Fund up to 3% monthly of the passivity budget, it is in charge of the Bank Retirement Fund;
B) With the contribution of up to 3% monthly on pensions and pensions, in charge of Members in passivity;
C) With the contribution of up to 1/2% a month on the salaries and wages of the active affiliates in charge of them, which the institutions will discount and deposit in the form provided for in Article 9 of the decree- Law N ° 10.331, 29 January 1943;
D) Con the interest and income of the funds and the donations and legacies.
The Honorary Council shall fix the corresponding contributions in each Exercise, within the maximum percentages provided for in the preceding points.

Article 9 °.
The Honorary Board of the Bank Retirement Fund may invest the Fund's resources in placements that ensure its liquidity for the purposes of this law, in the Banks of the Eastern Republic of Uruguay and Mortgage of Uruguay, National Postal Savings Fund and Public Credit Directorate.

Article 10.
For the determination of the members entitled to receive the extraordinary pay and the funds to proceed to establish the amount thereof, the financial year shall be fixed in the period between 1 October of one year and 30 September of the following year.
When in the provisions of this law, mention is made of the "exercise", they refer to the one defined in this article.

Article 11.
(Transitory). The extraordinary pay for the year 1960 will consist of 50% of the retirement or pension with a minimum of two hundred pesos ($200.00) and will be covered by the Jubilatory Common Fund.
of absenteeism.

Article 12.
This law shall enter into force from the first day of the month following its publication in the "Official Journal".

Article 13.
(Transitory). If the resources of the Fund set up under Article 7 do not allow an extraordinary payment of the end of the year equal to that of 1960 (50% of retirement or pension, with a minimum of $200.00), the difference in the contribution necessary for the pay the same benefit, will be charged to the Jubilant Common Fund.

Article 14.
Commune, etc.


Chamber of Sessions of the Chamber of Senators, in Montevideo, on June 21, 1961.


    MINISTRY OF PUBLIC EDUCATION AND SOCIAL SECURITY
      MINISTRY OF FINANCE.

Montevideo, June 27, 1961.

Comply, acknowledge receipt, communicate, post and insert into the National Register of Laws and Decrees.