13th-month pay is a form of monetary assistance equivalent to the monthly basic compensation received by an employee, computed pro-rata according to the number of months within a year that an employee has rendered service to an employer (basic monthly pay/12 x number of months actually worked).
Continue readingWith the Christmas season (together with the requisite countdowns, shopping lists and family reunions) fast approaching, one thing is slowly creeping into the consciousness of the great host of salaried employees in the country – the Christmas Bonus. Indeed, many a gift is being thought of and many a budget is being drawn-up in anticipation of this gratuity, a reward if you will, for another year’s worth of blood, sweat and tears. But what exactly comprises this year-end gratuity? Who are entitled to receive a Christmas bonus? Can one correctly call the 13th-month pay a Christmas bonus?
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