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Salaries-and-Wages.pptx

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Salaries-and-Wages.pptx

1. 1. Salaries and Wages DEFINITION OF TERMS
2. 2. Learning Outcomes 1) Define salary 2) Define wage; 3) Differentiate between salary and wage 4) Distinguish between salary earners and wage earners; 5) Define income and 6) Define benefits
3. 3. Ways of Service Payment I. Salary and Wage Salary is the compensation usually quoted annually or monthly for an employee. Wage is compensation quoted in an hourly or daily rate for an employee. “No work, No Pay”.
4. 4. Labor Code of the Philippines ( Art. 143, PD 442) Art. 103. Time of Payment. Wages shall be paid at least once every two (2) weeks or twice a month at intervals not exceeding sixteen (16) days. If on account of force majeure or circumstances beyond the employer’s control, payment of wages on or within the time herein provided cannot be made, the employer shall pay the wages immediately after such force majeure or circumstances have ceased. No employer shall make payment with less frequency than once month.
5. 5. Examples: a. A tutor who is paid Php200 per hour is earning a wage. How much does he earn for a 10-hour week work? B. A university assistant professor is usually given a monthly salary. If his salary is Php40,000 per month, how much does he get every two weeks? C. A minimum wage earner in Metro Manila is paid PhP481 for an 8-hour workday. What is his hourly wage?
6. 6. 1. An employee is paid a monthly salary of PhP16,000 for working 20 days in a month. A taxi driver earns Php750 per day. Assuming both work 8 hours a day, who has a higher hourly wage? Solution: Employee: 16, 000 ÷ 20 = 800 per day; 800÷8 = 100 per hour, Taxi Driver : 750 ÷ 8 = 93.75 per hour. Therefore, the employee has a higher hourly wage rate.
7. 7. Income and Benefits Income– is money that an individual receives in exchange for providing a good/service or through investing capital. Some sources of income: 1. Farmers, fishermen and vendors earn income by providing goods such as crops, fish, and vegetables, respectively. 2. Individuals may earn income by investing their capital in stocks, mutual funds or bank deposits.
8. 8. Benefits Benefit – is employee compensation given by an employee on top of the basic salary/wage. Note that benefits may come in the form of cash or in kind. Examples: 1. Cash Benefits: 13th month pay, bonuses, rice subsidy, transportation allowance. 2. Non-cash benefits: SSS/GSIS, Pag-ibig, PhilHealth