Computing your 13th Month

Posted 5:08 AM by Mezhal Ulao in Labels:

It's that time of the year again when we all receive our much awaited 13th month pay. Some employers even give out a 14th and even a 15th month pay. Lucky them, but for those that are in the usual world I have here the math to help you out. It's a simple task of proration if you'd had a chance to handle billing inquiries:

Date of Hire: July 21, 2007

Basic Salary: 13,250 per month

# of months: 5

# of days: 11/31 days = 0.3548387

Total: 5.3548387

Formula: Basic Salary / 12 x # of months as of Dec. 31, 2007

Including fraction of days

Computation: 13,250 / 12 x 5.3548387 = P 5,912.63

Total 13th month Pay: P 5,912.63

Most 13th month pays are supposedly tax free, that is until you reach the 30K salary range which of course deserves taxing. As to when this blessed pay check is to be given out, I recommend you give your best friend from HR a call and am sure that they have the inside scoop in matters such as these. Happy shopping. :)

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