Upload
eron-roi-centina-gacutan
View
216
Download
0
Embed Size (px)
Citation preview
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
1/56
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
2/56
**A salaryis a form of periodic payment from an
employer (ER) to an employee (EE), whichmay be specified in an employment contract; a
fixed amount of money or compensation paid
to an EE by an ER in return for workperformed; paid in monthly or bi-monthly
intervals of the 1/12 annual salary.
*No allowance or benefits are included in salary.*Salary is taken on due basis only.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
3/56
*
The term salary is defined as
*Wages; Annuity or pension; gratuity*Any payment received by an employee
in respect of any period of leave not
availed by him
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
4/56
*
*Paid to an EE, as the remuneration or earnings
however designated, capable of being expressed
in terms of money, whether fix or ascertained on atime, task, piece, or commission basis, or other
method of calculating the same, which is payable
by an employer to an employee under a written or
unwritten contract of employment for work done
or to be done, or for services rendered or to be
renderd and includes the fair and reasonable value
of board, lodging, or other facilities customarilyfurnished by the ER to the EE. Art. 97 LC
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
5/56
*
*Art. 102. Forms of payment.Not by promissorynotes, vouchers, coupons, tokens, tickets, chits,
or any object other than legal tender, even when
expressly requested by the employee.
*Payment of wages by check or money order shall
be allowed when such manner of payment is
customary on the date of effectivity of LC.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
6/56
*
*Art. 103. Time of payment.Wages shall be paidat least once every two (2) weeks or twice a
month at intervals not exceeding sixteen (16)
days.
*If on account of force majeure or circumstances
beyond the employers control, ER shall pay the
wages immediately after such force majeure orcircumstances have ceased. No employer shall
make payment with less frequency than once a
month.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
7/56
*Art. 104. Place of payment.Paymentof wages shall be made at or near the
place of undertaking, except asotherwise provided by such regulations
as the Secretary of Labor and
Employment may prescribe underconditions to ensure greater protection
of wages.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
8/56
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
9/56
*Art. 110. Worker preference incase of bankruptcy.In the eventof bankruptcy or liquidation of an
employers business, his workers
shall enjoy first preference asregards their wages and other
monetary claims.
*
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
10/56*
*Art. 112. Non-interference in disposal of wages.
*Art. 113. Wage deduction.except: payment of
insurance premium; union dues;*Art. 114. Deposits for loss or damage.
*Art. 115. No deduction from the
*Art. 116. Withholding of wages and kickbacksprohibited.
*Art. 117. Deduction to ensure employment.
*Art. 118. Retaliatory measures.*Art. 119. False reporting.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
11/56
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
12/56
Benefits intended to encourage employeeloyalty.
Given to EE above rank-and-file and includehousing, vehicles, educational assistance,
holiday or vacation expenses, membership
fees and dues in social and athletic clubs;interest on loans; foreign travel; life, health
and non-life insurance paid by ER and taxed
32% of their gross monetary value
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
13/56
*Grossed-up Monetary Value = Monetary Value/68% so:
*Fringe Benefit Tax = Grossed-up Monetary Value x
32%*The grossed-up monetary value consists of the net
amount of money/monetary property value received
and the amount of fringe benefit tax due and paid by
the employer on the employee's behalf.
*
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
14/56
paid to all employeesindirect compensation
help raise the living conditions
may be statutory or voluntary
*
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
15/56
Employee demands.
Unions demands.
Employers preference.
As a social security.
To improve human relations.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
16/56
*To create & improve sound employee living condition.
*To motivate the employees.*To provide security to the employees.
*To protect the health of the employees.
*To promote employees welfare.*To create a sense of belongingness.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
17/56
Payment for time not worked.
Employee security.Safety & health.
Workmens compensation.
Health benefits.
Voluntary arrangements.
Welfare & recreational facilities.
Old age & retirement benefits.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
18/56
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
19/56
*
*Loanis a debtevidenced by a notewhichspecifies, among other things, the principal
amount, interest rate, and date of repayment.
*A loan entails the reallocation of the subject
asset(s) for a period of time, between the lender
and the borrower.
http://en.wikipedia.org/wiki/Debthttp://en.wikipedia.org/wiki/Promissory_notehttp://en.wikipedia.org/wiki/Assethttp://en.wiktionary.org/wiki/lenderhttp://en.wiktionary.org/wiki/borrowerhttp://en.wiktionary.org/wiki/borrowerhttp://en.wiktionary.org/wiki/lenderhttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/Promissory_notehttp://en.wikipedia.org/wiki/Debt8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
20/56
A secured loanis a loan in
which the borrowerpledgessome asset (e.g. a
car or property) as
collateral.
A l i f d b
http://en.wikipedia.org/wiki/Secured_loanhttp://en.wikipedia.org/wiki/Pledge_(law)http://en.wikipedia.org/wiki/Collateral_(finance)http://en.wikipedia.org/wiki/Collateral_(finance)http://en.wikipedia.org/wiki/Pledge_(law)http://en.wikipedia.org/wiki/Secured_loanhttp://en.wikipedia.org/wiki/Mortgage_loanhttp://en.wikipedia.org/wiki/Mortgage_loan8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
21/56
A mortgage loanis a very common type of debt
instrument, used by many individuals to purchase
housing.
Money is used to purchase the property. The financialinstitution, however, is given security a lienon the
title to the house until the mortgage is paid off in
full. If the borrower defaultson the loan, the bank
would have the legal right to repossess the house and
sell it, to recover sums owing to it.
U d l l h
http://en.wikipedia.org/wiki/Mortgage_loanhttp://en.wikipedia.org/wiki/Househttp://en.wikipedia.org/wiki/Lienhttp://en.wikipedia.org/wiki/Default_(finance)http://en.wikipedia.org/wiki/Default_(finance)http://en.wikipedia.org/wiki/Lienhttp://en.wikipedia.org/wiki/Househttp://en.wikipedia.org/wiki/Mortgage_loan8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
22/56
*
Unsecured loans are monetary loans that
are not secured against the borrower's
assets. These may be available from
financial institutions under many differentguises or marketing packages:
*credit carddebt *line of credits
*personal loans *corporate bonds
*bankoverdrafts
C l l i l d t l l
http://en.wikipedia.org/wiki/Credit_cardhttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Overdrafthttp://en.wikipedia.org/wiki/Overdrafthttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Credit_cardhttp://en.wikipedia.org/wiki/Mortgage_loanhttp://en.wikipedia.org/wiki/Mortgage_loan8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
23/56
*
Common personal loans include mortgage loans, car loans,home equity lines of credit, credit cards, installment loansand
payday loans.
The credit scoreof the borrower is a major component in andunderwriting and interest rates of these loans.
The monthly payments of personal loans can be decreased byselecting longer payment terms, but overall interest paid
increases as well.
http://en.wikipedia.org/wiki/Mortgage_loanhttp://en.wikipedia.org/wiki/Credit_cardhttp://en.wikipedia.org/wiki/Installment_loanhttp://en.wikipedia.org/wiki/Payday_lendinghttp://en.wikipedia.org/wiki/Credit_scorehttp://en.wikipedia.org/wiki/Credit_scorehttp://en.wikipedia.org/wiki/Payday_lendinghttp://en.wikipedia.org/wiki/Installment_loanhttp://en.wikipedia.org/wiki/Credit_cardhttp://en.wikipedia.org/wiki/Mortgage_loan8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
24/56
*
The fixed monthly payment Pfor
a loan of Lfor nmonths and amonthly interest rate cis:
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
25/56
Company Cash Advances
SSS Member LoansPag-ibig Member Loans
Commercial Bank Personal Loans
SME Loan
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
26/56
SSS Short-Term MemberLoans.
It is a privilege granted bySSS to covered employees to
meet the member's short-termcredit needs.
1 All tl l d
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
27/56
*
1. All currently employed,
2. currently contributing self-employed
For one (1)- month loan,the member-borrower must have 36 posted monthlycontributions, six (6) of which should be within
the last twelve (12) months prior to the month
of filing of application.
For two (2) -months loan, the member-borrower must have 72 posted monthly
contributions, six (6) of which should be within
the last twelve (12) months prior to the month
of filing of application.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
28/56
*The member-borrower whose employer
must be updated in the payment of
contributions.*The member-borrower must be under sixty
five (65) years of age at the time of
application.*The member-borrower has not been
granted final benefit (total permanent
disability, retirement and death).*The member-borrower has not been
disqualified due to fraud committed against
the SSS.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
29/56
*
*A one-month salary loan is equivalent to the average of
the member-borrower's latest posted 12 Monthly Salary
Credits (MSCs), or amount applied for, whichever is
lower.
*A two-month salary loan is equivalent to twice the
average of the member-borrower's latest posted 12
Monthly Salary Credits (MSCs), rounded to the next
higher monthly salary credit, or amount applied for,whichever is lower.
*The net amount of the loan shall be the difference
between the approved loan amount and all outstanding
balance of short-term member loans.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
30/56
The one-month or two-month
salary loan shall be payable in 24monthly installment to start on
the 2nd month following the date
of the loan, which is due on orbefore the payment deadline for
loans per Circular No. 2011-003.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
31/56
The loan shall be charged an interest rate of
10% per annum, based on diminishing principal
balance, and shall be amortized over a periodof 24 months. If the loan is not fully paid at
the end of the term, interest of 10% shall
continue to be charged on the outstanding
principal balance until fully paid.
Any excess in the amortization payment shall
be applied to the outstanding principal
balance.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
32/56
Loan amortization not remitted on due
date shall bear a penalty of 1% per
month until fully paid.
A service fee of 1% of the loan amountshall be charged and deducted from the
proceeds of the loan.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
33/56
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
34/56
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
35/56
Art 287LC - Any employee may be retired upon
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
36/56
*
Art 287LC - Any employee may be retired upon
reaching the retirement age established in the
collective bargaining agreement or other
applicable employment contract."In case of retirement, the employee shall be
entitled to receive such retirement benefits as he
may have earned under existing laws and any
collective bargaining agreement and otheragreements:
"upon reaching the age of sixty (60)
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
37/56
*
upon reaching the age of sixty (60)
years or more, but not beyond sixty-five
(65) years - compulsory retirement age,who has served at least five (5) years in
the said establishment, may retire and
shall be entitled to retirement payequivalent to at least one-half (1/2)
month salary for every year of service, a
fraction of at least six (6) months beingconsidered as one whole year.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
38/56
*
"the term one-half (1/2) month salary
shall mean fifteen (15) days plus one-
twelfth (1/12) of the 13th month payand the cash equivalent of not more
than five (5) days of service incentive
leaves.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
39/56
1 It is a cash benefit either in monthly pension or lump sum
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
40/56
*
1.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.
2. A member who is 60 years old, separated form employment
or ceased to be self-employed, and has paid at least 120
monthly contributions prior to the semester of retirement.3.A member who is 65 years old whether employed or not and
has paid at least 120 monthly contributions prior to the
semester of retirement.
4.Underground Mineworkers: Has reached the age of 55 yearsold and is an underground mineworker for at least 5 years
(either continuous or accumulated) prior to the semester of
retirement but whose actual date of retirement is not earlier
than March 13, 1998; separated from employment or in the
case of self-employed, has ceased self-employment, and haspaid at least 120 monthly contributions prior to the semester of
retirement.
5.Has reached the age of 60 years old whether employed or
not.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
41/56*
1.The monthly pension- The monthlypension is a lifetime cash benefit paid to a
retiree who has paid at least 120 monthlycontributions to the SSS prior to the
semester of retirement.
2.The lump sum amount- The lump sumamount is granted to a retiree who has
not paid the required 120 monthly
contributions. It is equal to the totalcontributions paid by the member and by
the employer including interest.
1 The sum of P300 plus 20 percent of the average
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
42/56*
1.The sum of P300 plus 20 percent of the average
monthly salary credit plus 2 per cent of the average
monthly salary credit for each accredited year of
service (CYS) in excess of ten years; or2.40 per cent of the average monthly salary credit; or
3.P1,200, provided that the credited years of service
(CYS) is at least 10 or more but less than 20 or P2,000,
if the CYS is 20 or more. The monthly pension is paidfor not less than 60 months.
Only advance payments shall be discounted on
the date of the payment. The dependents pension
and 13th month pensions are excluded from the 18months lump sum pension.
The member will receive the monthly pension on
the 19th month and every month thereafter.
The retiree is entitled to a 13th month pension
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
43/56
*
The retiree is entitled to a 13th month pension
payable every December.
All retiree pensioners are automatically considered
members of PhilHealth and he and his legaldependents are entitled to its hospitalization
benefits.
have contributed 120 monthly Medicare
contributions.A copy of DDR print-out indicating the type of claim
is retirement in nature and the effectivity date of
pensioner in its absence a copy of retiree-pensioner
certification issued by SSS shall be required.They need to register under Philhealth for the
issuance of a Philhealth ID card.
Upon the death of a retiree pensioner the
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
44/56
*
Upon the death of a retiree pensioner, the
primary beneficiaries as of the date of
retirement shall be entitled to 100 per cent of
the monthly pension and the dependents tothe dependents pension.
If the retiree pensioner dies within sixty (60)
months from the start of the monthly pensionand has no primary beneficiaries, the
secondary beneficiaries shall be entitled to a
lump sum benefit equivalent to the totalmonthly pensions corresponding to the five-
year guaranteed period excluding the
dependents pension.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
45/56
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
46/56
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
47/56
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
48/56
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
49/56
a Every employee who has rendered at least one (1) year
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
50/56
a.Every employee who has rendered at least one (1) yearof service shall be entitled to a yearly service incentive
leave of five (5) days with pay.
b.Not applyto those who are already enjoying the benefit
those employed in establishments regularly employingless than ten (10) employees
Exempted establishment or financial condition notviable
c.The grant of benefit in excess of that provided shall notbe made a subject of arbitration.
d.The service incentive leave may be used for sick andvacation leave purposes. And, at the end of the year, the
unused SIL may be commuted to cash.
*Those of the government and any of its political
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
51/56
Those of the government and any of its political
subdivisions, including GOCC;
*Domestic helpers and persons in the personal
service of another;*Managerial employees;
*Field personnel; engaged on task or contract
basis; purely commission basis; paid a fixed
amount for performing work*Those who are already enjoying the benefit
*Those enjoying vacation leave with pay of at least
five days; and
*Those employed in establishments regularly
employing less than ten employees.
*C t bilit t h
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
52/56
*Commutability to cash
the unused service incentive leave is
commutable to its money equivalent at the end
of the year.
*Accumulation of Leave Credits
Instead of using up SIL, the employee may
accumulate it and opt for its commutation to
cash upon his resignation or separation from
employment.
*Computation of SIL
In computing SIL, the basis shall be the
salary rate at the date of commutation. The
availment and commutation of this benefit may
be on a ro rata basis. DOLE Handbook
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
53/56
*Part-time Workers
entitled to full five days SIL.
Reason: LC speaks of number of months worked ina year, not number of hours worked in a day, as basis for
entitlement.
*Vacation and Sick leave
LC treats vacation leave and sick leave under thesame category as Service Incentive Leave or leave with
pay.
Thus, the grant of vacation or sick leave with pay of
at least five days may be credited as compliance with SIL.
Example: Given 15 days vacation leave, five days
of which is with pay, the five-days paid vacation leave
may be credited as SIL.
*Sick Leave Policies
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
54/56
Sick Leave Policies
"The policy for sick leave is purportedly to benefit
employees when the need arises.
"Sick leave is one of the types of paid benefitsgranted to regular employees.
Employees can avail of this benefit when unable to
report to work due to an illness, accident, or any other
debilitating medical causes.Even with this absence, it is a company's obligation
to pay EE the equivalent to a full-day salary as mandated.
Sick leaves, are the most abused benefits, EE just
make up medical excuses to be absent from work.
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
55/56
8/12/2019 Fringe Benefits - For Managerial Employees Includes Housing, Vehicles Etc.
56/56