For standardization purposes, hourly and daily rates are the corresponding equivalent of the monthly pay. They were computed on the basis of 313 working days a year and 8 hours per 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