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CHAPTER 4-Compensation and Benefits
CHAPTER 4-Compensation and Benefits
PAYROLL
Payroll for JDI Manufacturing Company will be processed on the fifteenth and last day
of each month. The company's ATM is used to pay employees. The 9th and 24th of the
month will serve as the cutoff dates for each payroll. This will consist of 11 days of work
(for a month with 30 days) and 2 consecutive rest days. Hourly employees' entry and
exit times will be tracked using biometrics to guarantee that all calculations are
accurate, and they will also need to sign a time log before starting the job, during every
break, and after the work.
COMPANY BENEFITS
1. Wages
The wages of the employee should be Php537 per day, computed as Php5,907
every other cut-off, and Php11,814 monthly.
2. Holiday Pay
Employees who work on a holiday will be paid 100% plus the daily wage. (i.e.,
Php537 minimum wage + 100% = 1,084). No work, no pay is the policy of the
company. This simply means that during the holiday, if an employee takes his or
her rest day, they will not be paid.
3. Overtime Pay
Overtime pay for hours worked in excess of the allotted eight will be calculated
using the employee's hourly rate (Php537 ÷ 8 = 67). As a result, the amount of
overtime pay will vary depending on the length of the overtime for a particular
working day.
In order for the manager to alter the schedule and for the company's
performance to be unaffected, SIL leave must be requested or arranged two
weeks in advance.
6. Maternity Leave
The benefit consists of one hundred five (105) days of paid leave credits, with an
additional thirty (30) days of unpaid leave credits available.
7. Bereavement Leave
If a member of an employee's immediate family has passed away, bereavement
leave will be applied. They will receive full paid for their ten days off.
9. 13th month
According to a presidential decree, a worker's 13th month pay is equal to one
month's salary or 1/12 of their yearly pay. This is applicable to staff members
who have worked for the company for more than a year.
For employees with less than a year of tenure, a pro-rated amount of not less
than one thousand pesos (Php 1,000.00) shall be given to them, depending on
their length of tenure in the company within the current year.
As an example, we have provided a 13th month computation table for an
employee receiving PHP11,814 basic monthly salary.
(Monthly Salary Php11,814 x employees tenurity in the company) /12 is equal to
the 13th month pay.
Post-Employment
Employees who plan to leave JDI Manufacturing Company must submit a resignation
letter in advance since they will also select a replacement term. To total the payroll and
separation fee for the month in which the employees are quitting, their pay will be
withheld for 10 business days. Before leaving the company, the employee will speak
with their immediate supervisor in an exit interview.
An employee may be let go from their job at JDI Manufacturing Company by the
manager. A management may only let an employee go if they have a valid reason to do
so. According to Section 283 of the Labor Code, employees may be let go for a variety
of business-related reasons, including the installation of labor-saving technology,
redundancy, retrenchment (reducing costs to avoid losses), or the closing or ceasing of
activities