Compensation of directors and executives
Severance payments for termination of the employment relationship of its executives, not hired through public tender, may not exceed those established in the Labor Code (1 month's remuneration for each year of service and fraction of more than 6 months with a maximum of 11 compensable years). A higher indemnity may only be agreed in the case of having been hired through a public tender process in which the amount has been established.
- Source:
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Presidential Instruction N° 12 of 2000.