Professional Documents
Culture Documents
Presentation Title 2
2021
DEFINITION OF TERMS
Benefits of a Wage Earner
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2021
TERMINOLOGIES
Wage Income
A fixed regular payment, typically paid on a daily or weekly Money received, especially on a regular basis, for work or
basis, made by an employer to an employee, especially to a through investments.
manual or unskilled worker, it is the part of total production
that is the return to labor as earned income, as distinct from
the remuneration received by capital as unearned income.
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The Benefits of a Wage Earner
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1. Long term
benefits:
Retirement, death,
disability, dependent’s
allowance
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2. Minimum
wage earner tax
exemption
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3. Bonuses and
allowances:
Travel, rice, meal, clothing,
and laundry
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4. Pays:
13th month pay, holiday
pay, special pay, overtime
pay, night shift differential
and hazard pay
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5. Leave
Incentives:
Sick, maternity, paternity,
solo parent, others
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6. Health-related
benefits and
insurances
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Retirement Benefit
The minimum retirement is given by
Presentation Title 12
13th Month Pay
x be the annual basic salary of any employee. The 13th month pay of
Let
any employee must be at least of x.
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Maternity Benefit
Let x be the average monthly salary of the employee. Then 2.6x and 2x
for caesarean and normal delivery, respectively.
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Holiday Pay
Holiday Pay refers to payment of the regular daily wage for any
unworked regular holiday. Note that if the employee worked on the
holiday, then he will receive twice his daily wage.
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Example 1
Mr. Larry served Company A for 22 years with an average daily rate of
Php 467.35. He plans to retire and avail his retirement benefit. How
much is the minimum retirement pay that he will receive?
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Example 2
Mr. Buenaventura received an annual salary of Php 240 000. At the end
of the year, what would be his 13th monthly pay?
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Example 3
Mr. Torres plans to retire and utilize his retirement benefit. How much
is the minimum retirement pay that he will receive serving the company
for 15 years with an average daily rate of Php 481.23?
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2021
THANK YOU!