Friday, December 11, 2009

13th month pay =)

December or Christmas season means getting a 13th month pay for those employed people just like I am. 13th month is said to be the 1/12 of your salary --- basic salary to be exact.

According to one of the websites that I read, it is a monetary assistance equivalent to the monthly basic compensation received by an employee and is computed by the employee’s basic salary / 12 (which represents that number of months in a year) * the number of months worked by the employee. Before I thought, that the computation was basic salary / 12 * 13 (since it's called 13th month pay) but I was wrong. Now, I know the right computation. ^_^

So, if for example your basic salary is P11,000.00 and you work in a certain company within a year, then its computation should be like this:
P11,000 / 12 = 916.66666666666666666666666666667 * 12 = P11,000.00

If you’ll notice that computation is done in a calculator and I just type the number of “6(s)” as it is. I didn’t round it off coz if I did; the product will not exactly equal to P11,000.00…hehe c”,)

Well, 13th month pay should not be confused to “Christmas Bonuses”. Its computation should not also include allowances and all other monetary benefits. Usually, 13th month pay is received on or before the first half of the salary in December which is December 15; just like ours. Ours is already available today, December 11 (woohoo!). And I’m already jutting down my possible lists of expenses for this holiday and that includes buying gifts for loved ones, buying foods for the Christmas Eve which is known to be “Noche Buena” here in the Philippines and all other stuffs. I’m excited to get my 13th month pay (woot! woot!)


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