Hello steemians, its been a while since I visited my blog. So Im so excited to show to you some of the computation s that a common wage earners are receiving.
People who have minimum wage income earned money at the same time receive benefits while they're working. As people grow old, they retire from work since they're receiving benefits.
Here are the benefits of the wage earner:
- Long Tern Benefits such as retirement, death, disability, dependent's allowance.
- Minimum wage earner tax exemption.
- Bonuses and allowances like travel allowance, meal and clothing.
- 13th Month pay, Holiday pay, special pay, overtime pay, night shift differential and hazard pay.
- Leave incentives such sick, maternity, paternity, solo parent and others.
- Health-related benefits and insurances.
Let us consider some computations for some benefits
Let say the woman in th picture. She is Mrs. Pontemayor and she is my cousin in law and she is pregnant. She is working as a Quality Assurance Engineer in Taiyo Yuden Philippines in Mactan Export Processing Zone in Pusok, Lapu-Lapu City. She is a member of SSS or Social Security System and wants to avail the maternity leave. She earned an avearge monthly income of 21,371.12. How long can she have the maternity leave? And how much will her income be in the entire period of the leave?
Since , she is employed in a private company, it is mandatory for her to be a member of SSS which is an institution that will provide her the so called "maternity benefit" for women. Of course there is also a corresponding benefit for men, which we call "paternity leave". And to answer the first question. Assuming that all the requirements to avail the said benefits are met, then she will receive the amount twice or 2.6 times her average monthly income, if her delivery is normal, then it is 2 times otherwise. (that is, caesarean), it is 2.6 times. More specifically, we assume further that her delivery is caesarean, then sge received the maternity benefit for two months and 18 days amounting to
21,371.12 x 2.6 = 55,564.912
Therefore Mrs. Pontemayor received the amount 55,564.912 good for 78 days.
If Mrs. Pontemayor will have a normal delivery she will received 42,724.24 good for 60 days.
Below is the computation.
21,371.12 x 2 = 42,724.24
Lets try to have these example. A public school elementary teacher. A normal elementary teacher earned 24,647.00 for Teacher 3. She will received 49,294.00
Below is the computation:
24,647.00 x 2 = 49,294.00
Let us consider another computation
- For the retirement benefit:
The minimum retirement pay is given by
R is for retirement pay, where P is the daily rate, and T is the number of years served. If a person retire at the age of 60 and render a total number of years for almost 34 years in service and has a daily minimun wage of 365 per day. So below is the computation.
The formula is R = 22.5 x P x T
R = 22.5 x 365 x 34 = 279,225.00... - For the 13th-month pay.
Let x be the annual basic of an employee. The 13th month of an employee must be at least 1/2 of x. So if a minimum wage earner wants to know the computation of his 13th -month pay here it is. For a private employee since its a no work no pay policy, usually they receive around 15,000 for one month so the annual basic salary for a minimum wage earner is 15,000 x 12 = 180,000 - For Holiday pay
Holiday pay refers to payment of the regular daily wage of any unworked regular holiday. Note, that if the employee worked on the holiday. Then he will received twice his daily wage.
Remember a wage is fixed regular payment, typically paid on daily and weekly basis, made ny an employer to an employee, especially ro a manual or unskilled worker, it is the part of total production that is the return to labor as earned income.
Income is a money received, especially on regular basis, for work or through investments.
Benefit is a payment or gift made by an employer, the state, or an insurance company.
Enjoy computing fellow steemians.
God Bless,
Periwinkle