(Q2) Salaries, Wages, EBenefits, and Taxes - BusMath

SSS

Administers social security protection to workers in the private sector

Pag-Ibig

Government-owned and controlled corporation in the Philippines that provides housing loans, savings, and other financial services to Filipino workers

Founded in 1978

PhilHealth

Comprehensive benefit packages that are both preventive and curative, and are based on health needs rather than ability to pay

Employee Compensation

Remuneration or reward that an employee gets from employer for the services s/he gives which is a legal & moral obligation of any business.

Monthly

12

Semi-monthly

24

Bi-monthly

6

Bi-weekly

26

Daily

365

Gross Earnings

It is the amount earned by a person before subtracting all necessary deductions.

Deductions

Amount held by the authority or the company as a form of payment for some necessary dues like taxes, loans, etc.

Net Earnings

Amount earned by a person after subtracting all necessary deductions

Employee Benefits

Remuneration other than the basic pay

Employee Benefits

vacation, sick leaves, medical and hospitalization benefits, meal allowance, transportation allowance, clothing allowance, etc.

Incentives to increase productivity

Normal/Caesarian

3.5

Miscarriage

2

Solo Parent

4

13th Month Pay

(MBS x EL)/12

Retirement Pay

22.5 x P x T

De Minimis Benefits

benefits voluntarily given by employers and are relatively small values provided by the employers to the employee on top of the basic compensation intended for the general welfare of the employees