13th Month Pay:
Most Exciting Employee Benefit Here at Specialist-PH
Did you know that every December, Filipinos are more energized and ready for their annual paychecks at this time of year. Why? If you are thinking about the 13th Month Pay, then you’re right!
The Filipino culture is known for being very family-oriented. This means that the 13th month's pay usually goes towards celebration expenses like food, drink, and gifts to thank your loved ones who have helped you throughout this year with their time or money!
The law mandates that everyone should know how to compute their 13th-month pay, but before we dive into the formula for it's computations, we think it's essential first to understand what exactly is a '13th Month Pay'?
The term “13th-month salary" or simply " month-end payment" refers specifically to when an employee receives two salaries in one fiscal year. This usually happens if they have worked somewhere between January 1 and December 31 without any gaps during which period both employers paid them regularly (every 2 weeks) plus extra money as vacation benefits, etcetera; while also giving bonuses at different times based on achievements made by either party involved.
Here are Specialist-PH, the 13th Month Pay is paid semi-annual every June and December. Total amount is prorated depending on the contractor’s start date.
