General Mathematics: Salary and Wages

A collection of vocabulary terms and formulas related to employee compensation, salary frequencies, and overtime pay calculation guidelines based on Philippine standards.

Wage

The remuneration or earnings, however designated, capable of being expressed in terms of money, whether fixed or ascertained on a time, task, piece, or commission basis, payable by an employer to an employee for work done or services rendered.

Hourly wage

The amount earned for each hour worked.

Daily wage

The amount of money a worker earns for each day of actual work, excluding payment for days the employee did not work (e.g., rest days) unless otherwise required by law or policy.

Salaries

A fixed regular wage, typically paid monthly, semi-monthly, or weekly, especially for professional, managerial, or administrative positions.

Annual salary

The total amount of money a person earns in one year, usually from a fixed monthly salary.

Monthly Salary

The fixed amount an employee earns every month, computed as $\text{Annual Salary} \div 12\text{ months}$ or $\text{Daily Wage} \times 24\text{ days}$.

Semi-monthly salary

The amount of money earned by a person twice a month at intervals not exceeding $16$ days, computed by dividing the monthly salary by $2$.

Weekly salary

The income received in a week, computed as $\text{Annual Salary} \div 52\text{ weeks}$ or $\text{Daily Wage} \times 6\text{ days}$.

Overtime Pay

Additional pay for hours worked beyond $8\text{ hours}$ in a day.

Overtime on a Regular Day

Calculated by multiplying the hourly rate by a multiplier of $1.25$.

Work on a Rest Day or Special Holiday

Calculated by multiplying the daily rate by a multiplier of $1.30$.

Work on a Regular Holiday

Calculated by multiplying the daily rate by a multiplier of $2.00$.

Work on a Regular Holiday that falls on a Rest Day

Calculated by multiplying the daily rate by a multiplier of $2.60$.

Night Shift Differential

A multiplier of $1.10$ applied to the applicable rate for work performed between $10:00\text{ PM}$ and $6:00\text{ AM}$.

Regular Holidays

Specific fixed holidays such as New Year's Day, Maundy Thursday, Good Friday, Araw ng kagitingan ($\text{April } 9$), Labor Day ($\text{May } 1$), and Independence Day ($\text{June } 12$).

Special non-working days

Designated days such as Chinese New Year, EDSA People Power Revolution, Black Saturday, Ninoy Aquino Day, and All Saints Day.