#2.1 : Salaries and Wages Flashcards
Differences of salaries and wages
Salary is normally paid monthly or every 2 weeks, and for professional or skilled workers. On the other hand, Wage is normally paid daily or weekly, for an unskilled laborer, and is according to contract on a piecework basis.
Salaries and Wages are both forms of _______.
income
What is an income?
It is the amount of money received in exchange for work or services rendered.
The lowest allowable rate of compensation per region, province, and industry sector.
Minimum Wage
Given to employees who work for more than the required no. of hours of work per day.
Overtime Pay
Given on non-working days (rest day and special holidays)
Premium Pay
Additional pay given to an employee if work is done between 10 pm to 6 am
Night Shift Differential
Sick Leave or Vacation Leave
Night Shift Differential
It is allowed for every pregnant employee, married or not.
Maternity leave
It is allowed for every married male employee.
Paternity Leave
It is allowed for solo parent employees.
Solo Parent leave
Given to all employees who worked for at least one month in the organization
13th-month pay
13th-month pay is equivalent to how many months of basic salary?
1 (one)
Usually given to reward employees for their performance and to set incentives
Gross Benefits and De minimis benefit
Forms of Gross Benefits and De minimis benefit
Bonuses, Cash Incentives, Allowances and Subsidy
Differences of SSS and GSIS benefits
SSS (Social Security System) is for the private sector only. On the other hand, GSIS is for the government sector.
It covers a portion of medical-related expenses by the employee and their beneficiaries.
Philhealth
Benefits include savings, short-term loans, and access to low-cost housing programs
PAG-IBIG Fund (HDMF)
Hourly rate is the basis for _______ pay.
premium
Basic rate is always _____%. Add it to the conditions in the premium pay.
100
Rate if the overtime took place on a regular workday
plus 25% of the hourly pay rate
Rate if the overtime took place on a rest day or holiday
plus 30% of the hourly pay rate
Premium pay for Regular Holiday
Additional 100% of basic rate (200%)
Premium pay for Rest Day or Special Holiday
Additional 30% of his basic daily rate (130%)
Premium pay for Rest Day and Special Holiday
Additional 50% of his basic daily rate
Premium pay for Regular Holiday and Rest Day
Additional 30% of regular holiday rate of 200%
The regular hourly rate is _____ in premium pay based on its said condition.
doubled
