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MANILA, Philippines — Government employees volition start to have the final one-half of their yearend bonuses as well as cash gifts past times the middle of this month, according to the Department of Budget as well as Management (DBM).
In a circular dated Nov. 9, Budget Secretary Florencio “Butch” Abad said the remaining one-half of the yearend bonus equally good equally the cash gift for 2015 “shall last released non before than Nov. 15.”
The additional cash given away this fourth dimension of the twelvemonth are generally spent past times Filipinos on their Christmas vacation celebrations.
The other one-half of the yearend bonus was already distributed final May, ahead of the start of classes for close students inward June.
The yearend bonus is equivalent to i month’s worth of workers’ basic salaries, spell the additional cash gift amounts P5,000.
Under the 2015 national budget, the authorities allotted P20.95 billion for yearend bonuses on top of P4.69 billion for cash gifts.
Both the bonus as well as the cash gift “shall last granted to all national authorities officials as well as employees, whether nether regular, temporary,casual or contractual status, on full-time or part-time basis, who guide keep rendered at to the lowest degree a total of 4 months of service including leaves of absence with pay from Jan. 1 to Oct. 31 of each year, as well as who are nonetheless inward the service equally of Oct. 31 of the same year,” the DBM noted.
The coin that the authorities distributes equally bonuses as well as cash gifts to its workers comes from the annual budget.
Government-owned as well as -controlled corporations equally good equally authorities fiscal institutions, meanwhile, rootage bonuses from their corporate funds.
Local authorities units too depict bonuses from their ain funds.
The over 1.5 meg workers inward government—from the President downward to minimum salary earners—starting side past times side twelvemonth could relish higher pay nether a proposed pecker endorsed past times President Benigno Aquino III to Congress final Monday.
Under the proposed pecker titled “Salary Standardization Law of 2015,” the salary of the side past times side Philippine president would to a greater extent than than triple to P388,096 a calendar month past times 2019 from P120,000 per calendar month at present.
As for the minimum basic salary or Salary Grade 1, the proposed constabulary calls for an increment to a mere P11,068 a calendar month past times 2019 from simply P9,000 per calendar month at present.
Under the bill, salaries would last adjusted over the side past times side 4 years kickoff 2016. It would terms the authorities a total of P226 billion. Both houses of Congress guide keep already committed to overstep this pecker past times Dec. 19, Abad said.
Once passed into law, the initial tranche of the salary adjustment would accept resultant on Jan. 1, 2016, Abad said. The 3 succeeding tranches would last implemented every Jan. 1 of the subsequent years.
Abad said these adjustments were benchmarked with “market” rates or the pay existence received past times counterparts inward the somebody sector. At present, the amounts existence paid to authorities employees are equivalent to solely 55 per centum of marketplace pose rates, according to the budget secretary.
The additional amounts would come upward from basic salary increases, a 14th-month pay to last distributed every midyear, equally good equally an enhanced performance-based bonus. According to the DBM, the pay hike across all salary grades averages 45 percent, equivalent to 84 per centum of somebody sector compensation levels.
The budget secretarial assistant said these proposed adjustments were based on a written report conducted past times the Department of Budget as well as Management (DBM) inward cooperation with somebody sector consultant Towers Watson.
The study, completed final July, was “mandated past times the Joint Resolution No. 4 of Congress inward 2009, which provided for a review of the compensation as well as pose classification organisation afterwards 3 years from the final twelvemonth of the adjustment, which was Jun. 1, 2012, to produce upward one’s heed the competitiveness of authorities pay inward relation to the somebody sector as well as the compensation strategy to convey authorities pay closer to marketplace pose rates,” Abad explained.
According to the DBM, “the construction of the adjustment should temper the terms of benefits, such equally Government Service Insurance System premiums as well as PhilHealth contributions, as well as allow for higher accept abode pay, specially for those inward the lower salary grades.”
Also, nether the constabulary signed past times President Aquino early on this twelvemonth that raised the tax-exemption cap on bonuses to P82,000, the DBM noted that “majority of employees volition relish a higher accept abode pay” upon the implementation of the Salary Standardization Law of 2015.
With higher salaries, the authorities would last able to buy the farm along its workers with to a greater extent than intense contest with the somebody sector due to a booming economy, Abad said. SFM
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