13th Month Pay
CPP-HR_0203_V2_13th Month Pay
1.0 Objective
To provide the 13th month pay scheme as per Labor Law.
2.0 Scope
This policy shall apply to all team members, except temporary employees and trainees.
3.0 Provisions
3.1 The amount of bonus corresponds to 1/12 of the team member’s 12-month basic salary, or its pro-rated equivalent for the year.
3.2 Basic salary refers to the gross monthly salary (latest approved team member’s salary), and shall exclude:
a) overtime, night differential and holiday premium payments
b) all meal and other cash allowances; and
c) encashment of earned and unused benefits such as sick leaves and the like.3.3 Any team member with services of at least one (1) month before December 31st of the calendar year is entitled to a pro-rated 13th month bonus.
3.4 13th month bonus is earned on actual employment within the calendar year.
3.5 The required 13th month pay shall be paid no later than December 24th of each year.
4.0 Responsibility
The F&A Team will process and facilitate its release through payroll.
5.0 Frequency
The 13th month pay will be released on or before Dec 24th of each covered year.
6.0 Distribution
Eligible Team Members
7.0 References
Philippine Labor Code
8.0 Records
Pay Slip
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