You are on page 1of 15

Employee

Compensation
And
Benefits Guide

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
EMPLOYEE
COMPENSATION

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
Compensation

Employees are paid twice a month at intervals not exceeding 16 days.

Workdays/Working hours

Regular workdays are Mondays through Fridays however there are some companies within the group
whose nature of business require employees to report on Saturdays, either half or whole day.

Monday Friday: forty (40) hour work-week with equivalent 262 business/working days per year
Monday Saturday (half day): forty-four (44) hour work-week with 288 business/working days per
year
Monday Saturday (whole day): forty-eight (48) hour work-week with 314 business/working days per
year

The following are the formulas for computing Daily/hourly rate:

1. For employees working 5 days a week from Mondays through Fridays (8 hours excluding 1 hour lunch
break. 40 hours per week)

Daily Rate = Monthly Compensation x 12 (months in a year)


262 (days in a year)

Hourly Rate = Daily Rate


8 hours per day

Example:

Daily Rate = Php 10,000 x 12


262

Daily Rate = Php 458.02

Hour Rate = Php458.02


8

Hourly Rate = Php 57.25

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
2. For employees working 5.5 days a week from Mondays through Saturdays (half-day) ( 8 hours excluding 1
hour lunch break, 44 hours per week)

Daily Rate = Monthly Compensation x 12 (months in a year)


288 (days in a year)

Hourly Rate = Daily Rate


8 hours per day

Example:

Daily Rate = Php 10,000 x 12


288

Daily Rate = Php 416.66

Hour Rate = Php 416.66


8

Hourly Rate = Php 52.08

3. For employees working 6 days a week from Mondays through Saturdays ( 8 hours excluding 1 hour lunch
break, 48 hours per week)

Daily Rate = Monthly Compensation x 12 (months in a year)


314 (days in a year)

Hourly Rate = Daily Rate


8 hours per day

Example:

Daily Rate = Php 10,000 x 12


314

Daily Rate = Php 382.17

Hour Rate = Php 382.17


8

Hourly Rate = Php 47.77

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
Overtime Pay

Overtime pay refers to the additional compensation for work performed beyond (8) hours of continuous work for
each day.

Coverage

All rank and file employees with a minimum overtime work of 2 hours.

Overtime Pay Rates

1. Overtime pay on an ordinary day 125%


2. Overtime pay on rest day or on special holiday 130%
3. Overtime pay on a rest day which falls on a special day 150 %
4. Overtime pay on a regular holiday - 200%
5. Overtime pay on a rest day which falls on a regular holiday 260%

Example: Using PHP 404.00 as basic daily rate and 47.75 as basic hourly rate.

1. Overtime pay on an ordinary day


50.5 + (25 % of 50.5) = 50.5 + (0.25 x 50.5)
50.5+12.63 = Php 63.13 OT/hour

2. Overtime pay on rest day or on special holiday


50.5 x 1.3 = Php 65.65 OT/hr

In excess of 8 hours
=65.65 + 30% of (OT per hour on that day =65.65)
=65.65 + (0.3 x 65.65)
=Php 85.35 OT/hr

3. Overtime pay on a rest day which falls on a special day


50.5 x 1.5 = Php 75.75 OT/hour

In excess of 8 hours
=75.75 + 30% of (OT per hour on that day = 75.75)
=75.75 + (0.3 x 75.75)
=Php 98.48 OT/hour

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
4. Overtime pay on a regular holiday
50.5 x 2 = Php 101 OT/hour

In excess of 8 hours
=101 + 30 % of (OT per hour on that day = 101)
=101 + (0.3 x 101)
=Php 131.30 OT/hour

5. Overtime pay on a rest day which falls on a regular holiday


50.5 x 2.6 = Php 131.30

In excess of 8 hours
=131.30 + 30 % of (OT per hour on that day = 131.30)
=131.30 + (0.3 x 131.30)
=Php 170.69 OT/hour

Night Shift Differential

It refers to the additional compensation of ten percent (10%) of an employees regular wage for each hour of work
performed between 10:00 p.m. and 6:00 a.m.

Coverage

All rank and file employees

13th Month Pay

All employers are required to pay employees thirteen-month pay, regardless of the nature of their employment and
irrespective of the methods by which their wages are paid, provided they worked for at least one (1) month during a
calendar year. By law, thirteenth-month pay is given to employees not later than December 24 of every year.

Whats deducted from your salary?

The following are automatically deducted from your salary: Withholding Tax, Premiums for Government mandated
benefits: SSS, Philhealth and PAG-IBIG.

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
EMPLOYEE
BENEFITS

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
GOVERNMENT MANDATED BENEFITS

Social Security System (SSS)

The Social Security System administers social security protection to workers in the private sectors.

Benefits:

Sickness - The sickness benefit is a daily cash allowance paid for the number of days a member is unable to work
due to sickness or injury.

Disability - The new SSS Disability program is a re-designed disability program that implements the revised manual
of disability assessment. The new program adopts the World Health Organizations (WHO) definition of disability that
states as any restriction or lack (resulting from impairment) of ability to perform an activity in the manner or within the
range considered normal for a human being.
A member who suffers partial or total disability with at least one monthly contribution paid to the SSS prior
to the semester of contingency is qualified.

Retirement - It is a cash benefit either in monthly pension or lump sum paid to a member who can no longer work
due to old age.

Maternity - The maternity benefit is a daily cash allowance granted to a female member who was unable to work due
to childbirth or miscarriage.

Death and Funeral - It is a cash benefit either in monthly pension or lump sum paid to the beneficiaries of a
deceased member.

(Note: In addition to what is provided by law the company grants free funeral services and coffin to a deceased
regular employee.)

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
PhilHealth

This program underscores the importance for government to give priority to health as a strategy for bringing about
faster economic development and improving quality of life.

Benefits:

Inpatient coverage:
PhilHealth provides subsidy for room and board, drugs and medicines, laboratories, operating room and professional
fees for confinements of not less than 24 hours. Please refer to the table of rate ceilings/maximum allowances for
inpatient coverage.

Outpatient coverage:
Day surgeries, dialysis and cancer treatment procedures such as chemotheraphy and radiotheraphy in accredited
hospitals and free-standing clinics.

Special benefit packages:


Coverage for up to the fourth normal delivery
Newborn Care Package
TB treatment through DOTS
SARS and Avian Influenza Package
Influenza A (H1N1) Package

Pag-IBIG/HDMF
The birth of the Home Development Mutual Fund (HDMF), more popularly known as the Pag-IBIG Fund, was an
answer to the need for a national savings program and an affordable shelter financing for the Filipino worker.

Pag-IBIG Fund offers the following programs and services:


Provident/Savings Benefit
Pag-IBIG overseas Programs
Pag-IBIG Housing Bonds
Provident Loan
Housing Loan

Pag-IBIG II membership under this program is voluntary. This is to give Pag-IBIG I members another savings
option that would provide them with a higher yield. Members whose monthly gross income exceeds Php 5,000 may
contribute and save a minimum of Php 500 per month.

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
Paternity Leave

Paternity leave is granted to all married male employees in the private sector, regardless of their employment status.
The purpose of this benefit is to allow the husband to lend support to his wife during her period of recovery and/or in
nursing her newborn child.

The paternity leave shall be for seven (7) working days for the first four deliveries of the employees lawful wife with
full pay.

Solo Parent Leave

Solo parent leave is granted for all solo parent employees with at least one year of service whether continuous or
broken. The solo parent leave is for one (1) working day, with full pay.

The employee must present a valid Solo Parent Identification Card issued by DSWD to have an annual credit of one
day parental leave.

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
COMPANY SPONSORED BENEFITS

Leaves

Type of leave No of days Criteria


All regular employees with one year of service
(maximum of 3 can be used as emergency leave),
15
convertible to cash upon resignation (except Senior
Vacation Leave Managers and up)
All regular employees with one year of service,
10 convertible to cash at year end(except Senior Managers
Sick Leave and up).
1
Birthday Leave for all regular employees
Company Maternity all female regular employees with one year of service
45
Leave ( aside from SSS Maternity Benefit)
every Official business done outside Metro Manila that
1
Rest Day OB consumes more than 12 hours

5 for all regular employees, death of family member up to


Bereavement Leave 2nd civil degree by affinity or consanguinity
for all employees with at least 6 months of continuous
2 months
Special Leave aggregate employment service

Battered Womans Leave 10 All women employees


Metro Manila or the National Capital Region (NCR) is the metropolitan region encompassing the City of Manila and
its surrounding areas in the Philippines. It is composed of 16 cities namely Manila itself, Caloocan, Las Pias, Makati,
Malabon, Mandaluyong, Marikina, Muntinlupa, Navotas, Pasay, Pasig, Paraaque, Quezon City, San Juan, Taguig,
Valenzuela, and the municipality of Pateros.

Life and Accident Insurance

All regular and probationary employees are insured under a non-contributory Group Accidental Death and
Dismemberment Insurance Plan. The amount of insurance varies, according to the level of your position grade.

Each employee is requested to fill-up and/or update an insurance coverage form to assign their beneficiaries. Any
changes in beneficiaries must be officially enrolled with the insurance provider to take effect.

Hospitalization Insurance

All regular employees are covered under a non-contributory Health Maintenance Organization (HMO) provider while
employees will have the prerogative to enroll their dependents on their own account. The premium for dependents
will be salary deductible in equal installments for 6 months. The amount of insurance varies, according to the level of

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
your position grade. This includes dental benefits. Dependents insurance coverage will be the same or a grade lower
than that of the principal employees. Hierarchy of dependents shall be followed.

For married employees, eligible dependents qualified to apply are:


a) Legal spouse up to 65 years old; and
b) Legitimate, legitimated, legally adopted children, 15 days to 21 years old in order of age (eldest to youngest in that
order).

For single employees, eligible dependents qualified to apply are:


a) Parents up to 65 years old; and
b) Brothers and/or sisters 15 days to 21 years old, in order of age (eldest to youngest in that order).

Medical Benefits

1. Pre-employment medical examination ( reimbursable after 6 months)


2. Minor emergency treatment by the Company Nurse.
3. First Aid medicines (available at the company clinic)
4. Reimbursement of medicines with prescription for those regular employees receiving total compensation of
PHP 17,900 and below.
5. Annual Physical Exam for all regular employees.

Perfect Attendance

All regular and probationary employees are eligible for perfect attendance provided that they did not incur any late,
absences and undertime. Employee will receive Php 200 per month, Php 500 for 3 consecutive months, Php 2,000
(for 12 months straight, from December to November) with perfect attendance. Those employees with vacation
leaves filed on time are also included/eligible for perfect attendance.

Uniform

The policy applies to all regular and probationary employees. However employee with less than one year shall bear
the corresponding amortized amount of the uniform should he/she voluntarily resign from employment before
completing one year of service with the Company.

Meal Allowance

The company recognizes the needs of its junior officers (except for CF Sharp Crew Management employees in which
meal allowance is integrated to the salary) on instances when they need to render extra time beyond their regular
work schedule to accomplish certain tasks. Therefore, a meal allowance is hereby provided to compensate extra time
rendered by such employees.

Coverage

All junior/senior supervisors, assistant managers and managers.

Weekday: 3 hours PHP 350 (30 mins inclusive break),


Weekend/Holiday: 2 hours PHP 350 (exclusive of break),
4 hours PHP500 (exclusive noon break)

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
Company Sponsors the following Year Round Sports and Recreational Programs

For employees to develop good camaraderie and physical fitness, the company sponsors tournaments and other
sports activities. This provides an opportunity for all employees not only to realize sportsmanship but as well as team
building.

Company sponsors the following:


Bowling
Badminton
Basketball
Darts
Jackstone

Salary Loan

C.F. Sharp Group has an arrangement with certain banks and other accredited institutions for granting of salary loans
to qualified employees. Interest rates are lower than the prevailing industry rate.

Per Diem

The policy applies to official business/travel that shall consume at least one working day. The policy entitles all
employees of the company on official travel as assigned by appropriate managers or heads of units a per diem
and/or travel allowance.

PER DIEM ACCOMODATIONS


RANK
International Europe Local International Local
SVP and up $125 $150 Php 3,000 As charged As charged
AVP - VP $100 $125 Php 2,000 As charged As charged
Managers $75 $100 Php 1,000 Standard Room Standard Room
Supervisors $50 $75 Php 750 Standard Room Standard Room
Staff $50 $75 Php 500 Standard Room Standard Room

Car Plan

Management strives to adopt the best practices in the industry where it operates. In line with this thrust, the
company shall provide and maintain a car plan for selected management positions as a tool of trade in the
furtherance of their duties and responsibilities.

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
Retirement Plan

The aim of this plan is to provide a retirement fund to be established by the company. It is a non-contributory
retirement plan for regular employees of CF Sharp Group of Companies with at least 10 years of service. Please
refer to the table below for the vesting schedule of service and corresponding monthly basic salary that will be
credited.

Years of Service Percentage of monthly


basic salary
10 50%
11 55%
12 60%
13 65%
14 70%

15 75%

16 80%

17 85%

18 90%

19 95%

20 100%

Retirement Sample Computation

For employee with 10 years of service and with current basic monthly salary of Php 20,000

10 years is 50 % of basic monthly salary multiplied by the number of years of service.

Retirement Pay = (Basic Month Pay x 0.50) years of service


= (20,000 x 0.50) 10
= Php 100,000.00

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.
Sharp Baby

A regular employee whose legitimate child is born of normal delivery on the anniversary date of the Company
(November 23) shall be entitled to free education from primary to college. In addition, the hospital expenses shall be
shouldered by the company. However, in cases when the child is born of normal delivery nearest the anniversary
date, within a week before ( November 16-22) or after (November 24 30) the company shall then shoulder (50 %)
only the hospital expenses of both the mother and the infant. Separation of the parent from the company by reason of
his/her fault or voluntary resignation automatically cancels the privileges not yet granted.

Trick or Treat Celebration

This is CF Sharps version of celebrating trick or treat for children of CF Sharp employees with ages 12 years and
below. Children proceed in costume from each department asking for treats such as candies. Kids are also provided
with snack and will have the chance to win best in costume that best suits the theme of the party.

Christmas Gifts for children of CF Sharp employees

As a part of CF Sharp Groups Christmas celebration, all children of CF Sharp employees with ages 10 years and
below will be receiving gifts from the management as early as second week of December.

This booklet including the information herein, is confidential and proprietary to C.F. Sharp Group of Companies, and shall not be
used or reproduced for any purpose, except with the written assent of C.F. Sharp Group.