![]() As a result, what you will receive may not be the same with your monthly basic pay and may differ from other employees because of variables.Ībsences or unpaid leaves will be deducted from the basic salary before being divided by 12. It means that the amount of pay will be adjusted to the total time you rendered the services. If ever you wondered why you receive different rates of 13 month bonus, that’s because it is pro-rated. Generally, it’s a bonus amounting to one month of basic pay. Example: In case of perfect attendance, the employee will get the full monthly salary for 13th month pay. How do you compute the amount you’ll receive? It depends on your basic pay times the number of months you rendered for the whole year and divided by 12. Take note that employees who quit the job without going through the separation process and workers who are paid purely on commission are not entitled for 13 month pay. ![]() Resigned or terminated employees who left their employers before the release of the 13 month bonuses can also receive this. You can receive this pay if you are any private employee with fixed or guaranteed salary who have worked for at least one month. According to the law, the 13 month pay is given either in 2 installments (May and December) or in full before December 24. ![]() The Christmas bonus is only a voluntary gesture from the employers. The 13 month pay is often mistaken as the Christmas Bonus, but technically, it’s a monetary bonus mandated by law. Working on Rest day Premium / Working on Special Holiday PremiumBoth types of premium follow the same formula: (Hourly rate × 130% × 8 hours)ĭouble holiday premium + Rest day premium.Now, how do you compute for premium pay? Computation differs for each type. Example: President Rodrigo Duterte declared Augas special non-working (Eid’l Adha) and regular holiday (Ninoy Aquino Day) at the same time.Īll employees are eligible for premium pay, but normally, the slots for working on holidays or rest days are scheduled in advance and approved by authorized personnel. A day becomes a special holiday if: proclaimed by the President, enacted by the Congress, or 3) declared by LGUs in the specific regions.ĭouble Holidays – this is a rare occurrence wherein a regular holiday and a special holiday fall on the same day. Examples are ASEAN Summit or regional events like festivals or class suspensions. Special Holidays – also known as Special Non-Working Holidays, they fall on flexible dates, depending on the circumstance. However, National Heroes Day and Holy Week are considered regular holidays despite changing dates. Regular Holidays – these refer to fixed dates like Christmas Day, Independence Day, or New Year’s Day. Employee shall be paid an additional compensation from the rate of the first eight hours on a holiday or rest day plus at least 30%. Employee minimum wage*Ī premium pay is an overtime pay for rest days and official holidays. When you are employed, you are entitled to various benefits that can be summed up into three categories: employee minimum wage and additional pays due to varying factors like holidays or overtime, leave benefits which are paid absence from work, and mandatory government contributions. ![]() Here are the important things you need to know about employee benefits in the Philippines, as mandated by the government: Types of Employee Benefits By following these labor laws and ensuring your employees understand their benefits you will help increase job satisfaction which, in turn, will improve their work performance and positively impact your company. The company wins when they perform well, and the company suffers if they don’t.Īs an employer, you are obliged to take care of your company’s people by giving them the proper employee benefits as mandated by the government. In any company, whether big or small, the greatest asset is the people. Employee Benefits in the Philippines: Complete List, Guide, and FAQs 14 min read By eCompareMo on December 11, 2019
0 Comments
Leave a Reply. |