1. In General See: FAQ: Statutory Monetary Benefits. The above FAQ covers frequently asked questions with their answers (FAQ) involving statutory monetary benefits in terms of general application, i.e., the questions and answers apply to all forms of statutory monetary benefits, including this current benefit. Thus, the following questions and answers are specific only to…
1. In General See: FAQ: Statutory Monetary Benefits. The above FAQ covers frequently asked questions with their answers (FAQ) involving statutory monetary benefits in terms of general application, i.e., the questions and answers apply to all forms of statutory monetary benefits, including this current benefit. Thus, the following questions and answers are specific only to…
1. In General See: FAQ: Statutory Monetary Benefits. The above FAQ covers frequently asked questions with their answers (FAQ) involving statutory monetary benefits in terms of general application, i.e., the questions and answers apply to all forms of statutory monetary benefits, including this current benefit. Thus, the following questions and answers are specific only to…
1. Computation These are the steps on how to compute for the 13th month pay. The following are the assumptions: 1) The employee’s daily wage rate is Php1,000.00; 2) The workweek is 6 days a week; and 3)There is one rest day per week. a. Complete basic salary earned in a year If covered employees…
When covered employees are separated from employment due to an authorized cause, they are entitled to separation pay which is computed based on the authorized cause. 1. Computation These are the steps on how to compute for separation pay. a. One month pay or one-half month (1/2) pay for every year of service, whichever is…
If covered employees qualify for retirement, they are entitled to a retirement pay of at least one-half (1/2) month salary for every year of service, a fraction of at least six (6) months being considered as one (1) whole year. 1. Computation 1/2 month salary or 22.5 days The minimum retirement pay is equivalent to…
1. Computation These are the steps on how to compute for the premium pay. The following are the assumptions: 1) The employee’s daily rate is Php1,000.00. 2) The employee works for 8 hours. a. Work on a rest day or special non-working day If there is work performed on a rest day or special non-working…
If covered employees perform overtime work, they are entitled to overtime pay of at least 25% their regular hourly rate. 1. Computation These are the steps on how to compute for overtime pay. The following are the assumptions: 1) The covered employee’s hourly rate is Php100.00. 2) The covered employee regularly works for 8 hours….
1. Concept Social security benefits – refer to the ‘package of benefits under the Social Security Program in the event of death, disability, sickness, maternity, old age and unemployment. Work-related death, disability and sickness also receive benefits under the Employees’ Compensation (EC) Programs. Basically, social security provides replacement for income lost on account of the…
1. Concept PhilHealth benefits – refer to the benefits provided for under the National Health Insurance Program (NHIP) a. National Health Insurance Program ‘The National Health Insurance Program (NHIP) is a compulsory health insurance program of the government established to provide universal health insurance coverage and ensure affordable, acceptable, available and accessible health care services…