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Last Updated on January 24, 2020 by Marie Bautista
It is sweldo time again!
I bet most of you can’t wait (I can’t. I practically squandered mine – just a little percentage lang naman, honestly…)and are itching to go to the nearest mall and withdraw at an ATM Machine.
But have you ever wondered about those confusing numbers and shocking deductions from your hard-earned salary or you are contented with what you can withdraw?
It is time to figure out your payslip amidst the number jumble.
Payslips are more than twice-a-month reminder of how much you are earning. Besides stating your salary for that payroll period like what is in Nominak, it also contains other income not included in your basic monthly salary, such as unused vacation leaves, deductions that are dependent on company policy and deductions that are mandated by the Philippine government such as Philhealth, Social Security System, and Pag-IBIG
Your payslip may also be used as documentation when applying for loans or credit accommodation, insurance and other purposes where proof of income is required.
WHAT ARE THE COMPONENTS OF A PAYSLIP?
- Basic gross pay for the payroll period
- Vacation and sick leaves
- Thirteenth month pay (if included in that month
- Bonuses, if any
the signing of Republic Act No. 9679, membership to the Fund shall be mandatory
for the following:
a. All employees, workers, professionals, officers and companies who are
compulsorily covered by the SSS and GSIS
Protection, the Bureau of Jail Management and Penology, and the Philippine National Police;
to the Fund is also open to the following:
their wholly- owned instrumentality based in the Philippines, in the absence of an administrative agreement with the Fund;
by the Fund under RA 9679;
self-employed but would like to continue paying his/her
barangay officials; and
is the monthly Pag-IBIG contribution?
employee contributions is set at PHP 5,000.00.
This means that the maximum member contribution and employer counterpart
per month are both currently PHP 100.00.
of Pag-IBIG is usually associated with housing loans, it also offers savings
benefits and short-term loans.
employer. Philhealth provides financial
assistance for medical emergencies.
Membership is also extended to the following :
and pensioners of the GSIS and SSS
and members who have reached the retirement age
eligible members are dependents, such as non-members, legitimate spouses,
children below 21 years old who are unmarried and unemployed and parents 60
years old and above.
while the other half is shouldered by the employer.
during a medical emergency. This
includes both in-patient and out-patient hospital care. For confinement, you must have paid at least
three consecutive contributions prior to your confinement to avail of the
- A private employee who is 60 years old and below
- A household helper earning at least PHP 1,000.00
- Seafarers, foreign government employees, a parent, a spouse
or child below 21 years old of the owner of single proprietorship business
- Self-employed individuals.
following points: In case of death, sickness, disability, maternity. In other cases wherein the loss of income
might occur, SSS is of service to help out its members.