minimum wage and salary computation Flashcards
rates in the Philippines refer to the minimum amount of remuneration that employers are required to pay wage earners for the work performed during a given period.
Minimum wage
These rates are set at a regional level by the
Regional Tripartite Wages
ProductivityBoards.
The determination of minimum wage rates is based on factors such as
poverty threshold
prevailing wage rates as determined by the Labor Force Survey
socio-economic considerations.
This applies to all workers, including full-time, part-time, and contractual workers.
minimum wage
Normal working days
8 hours a day
less than 1 hour and short periods shall be considered compensable work time.
Meal breaks
of 24 consecutive hours after 6 days of work should be scheduled by the employer upon consultation with the workers.
day-off
The code mandates that an additional 100% of the worker’s daily rate will be paid for working on a regular holiday.
Philippines Labor Code
It means that since the worker is already paid 100% for the day’s work and then an additional 100% as holiday pay, the worker receives200%of his daily rate during a regular holiday. Hence, it’s commonly called
double pay.
An additional 30% of the daily rate will be paid if it is a __________________, on top of the 100%, the worker will receive 130% of his daily rate.
special non-working holiday
pay does not apply to retail and service establishments with less than 10 workers.
Regular holiday
work performed beyond the daily eight-hour standard is subject to additionalcompensationof at least 25%of the regular wage.
Overtime
is subject to an extra 30%, regardless of whether the holiday is a regular (200%) or special non-working (130%) holiday.
Overtime work during aholidayor rest day
The calculation formula for aregular public holiday
(Basic Pay + COLA) x 200%.
The calculation formula formore than eight hours on a regular public holiday
Basic time wage x 200% x 130% x amount of hours worked.
₱150 x 2 x 1.3 x 11.
= ₱4,290.00.
