For standardization purposes, hourly and daily rates are the corresponding equivalent of the monthly allowances, They were computed on the basis of 313 working days a year and 8 hours a day.
Description
Definition
Time unit - basis of computing, determining or fixing the basic pay or allowance, i.e., hour, day or month. This is different from frequency of payment such as twice a month.
Time-rate workers on full time basis - those paid on the basis of a time unit and who work at jobs with hours of work equal to or more than those considered as normal or regular to the establishment.
Wage rate - refers to the sum of basic pay and regular/guaranteed cash allowances.
Basic pay includes
- Pay for normal/regular working time before deductions for employees social security contributions (e.g. SSS/GSIS,
PhilHealth, PAG-IBIG) and withholding taxes, etc.
Basic pay excludes
- Overtime, night shift differential and other premium pay
- Commissions, tips and share of employees in service charges
- Payments in kind
- Allowances
- Bonuses and gratuities