PayDay Guides: 13th Month and Other Bonuses
It’s almost the end of the year and with 2018’s close comes bonus season!
I’m making this guide to help us maximize (and hopefully NOT spend) our 13th month pay.
13th Month Pay: Specially Mandated
13th month pay is a mandatory benefit prescribed by Philippine Labor Law. According to Presidential Decree №851, employers are required to pay their rank-and-file employees who have worked for at least one month of the calendar year. The way it’s computed is: total basic pay for the whole year/ 12 months. However, those who are employed for less than a year are only entitled to the number of months they were under their employer. Additional note: terminated and resigned also get their 13th month pay with the same computation.
13th Month Pay vs. Christmas Bonus
You may have heard of some companies giving out 14th to 15th or even more months. We call these extra salaries as Christmas Bonuses which s is a separate benefit that depend on the employers whether they’ll dole it out or not. It is usually given out due to team or the company’s performance.
Unlike the 13th month pay, your Christmas bonus could come in other than cash. It may be a gift certificate, a Christmas basket, canned goods, extra leaves, or anything of value. (Read Access for Christmas to see what we got for Christmas!)
When do we get it?
It’s the happiest time for most employees but I would sayit’s a stressful season for Finance. The employer must allocate a certain budget so they can release their employees’ 13th month pay before December 24, which is a requirement by law. This is why most companies opt to release their 13th month in two installments; the first being either in May or in the middle of the year and the second by December.
With PayDay, we are able to process 13th month pay and other bonuses whenever our clients would want to. Give us a call so we can help you out with your payouts for the next Christmas season so your Finance won’t have a difficult time and for your employees to get their share of the pie on time with no hassle.
Access for Christmas
In a previous article, we mentioned that 69% of Filipino employees use their 13th month pays and bonuses on shopping and and gifts. I think it defeats the purpose of an extra month worth of salary because this should be used up for savings and other investments.
What we like to do is we would like to share this guide on how to use Access to turn your shopping into Access. We want to show everyone that you can enjoy the same shopping, investing and planning by getting more with Access.
Extra Income for Extra Savings
Since it’s the time of giving and receiving, I don’t blame you for wanting to get something you truly deserve. Although, It comes with a price especially if you want to shop for yourself and for your family and friends. Luckily, Access can give you more options with better deals and discounts. We don’t want you to put your 13th month pay to waste.
Missed the 12.12 sale from Shopee? Don’t worry because you can buy discounted Shopee vouchers directly through our portal. For example: you want to buy a pair of shoes worth P2000.00 from Shopee, all you need to do is log-in through Access, buy a P2000.00 Shopee voucher and pay a discounted price of P1900.00.
Did I mention that Premium Users are able to Instalment Payments? Premium Users can shop, invest, loan, and of course, plan for the holidays without feeling the pressure of more bills to pay upfront.
Make It a Very (Access) Christmas
All in all, people want to celebrate Christmas their own very special way. But we would like to show you that it’s more than just acquiring stuff but saving up and planning for the next year. I’m glad that I’m learning this more and more and I hope you can too.
Here’s an idea, why not get your employees or yourself ready for Christmas by getting more flexible options by getting Access.
For inquiries, you may email us at firstname.lastname@example.org or head to bridgeaccess.life.