Tuesday, January 23, 2018

Premium Pay

Premium pay refers to the additional compensation for work performed within eight (8) hours on non-work days, such as rest days and special days. Premium Pay (additional 30% if worked) wise, “No work, No Pay” rule will be applied.

Special Non-Working Holiday
For declared special days such as Special Non-Working Day, Special Public Holiday, Special National Holiday, in addition to the two (2) nationwide special days (November 1, All Saints Day and December 31, Last Day of the Year) listed under EO 203, as amended, the following rules shall apply:
 

1. If unworked
No pay, unless there is a favorable company policy, practice or collective bargaining agreement (CBA) granting payment of wages on special days even if unworked.
2. If worked
1st 8 hours - plus 30% of the daily rate of 100%
excess of 8 hours - plus 30% of hourly rate on said day
 
3. Falling on the employee's rest day and if worked
1st 8 hours - plus 50% of the daily rate of 100%
excess of 8 hours - plus 30% of hourly rate on said day

Special Working Holidays
For those declared as special working holidays, the following rules shall apply:
For work performed, an employee is entitled only to his basic rate. No premium pay is required since work performed on said days is considered work on ordinary working days.

Notes: Excluded employees:
Employees of government, government-owned and/or controlled corporations;
Kasambahay and persons in the personal service of another;
Managerial employees including managerial staffs;
Workers who are paid by results;
     ● Field personnel and other employees whose time and performance is unsupervised by the employer, including those who are engaged on task or contract basis, purely commission basis or those who are paid a fixed amount for performing work irrespective of the time consumed in the performance thereof. 


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MARKET ISSUES

[last partial update : 02/28/2018] Macro and Overseas (a) US interest rate : 1.25 ~ 1.5%, May increase 3 times in 2018 (b) US 10 yr bond...