Compensation and Benefits PDF

Compensatio n and Benefits Julius Jay P. Domingo Vince Christian D. de Asis Laurence Jay G. Villarina  CLASSROOM RULES: 1. Listen to your teacher and follow the given instructions. 2. Be polite and respectful when talking to your teacher and peers. 3. Take it upon yourself...

Compensatio n and Benefits Julius Jay P. Domingo Vince Christian D. de Asis Laurence Jay G. Villarina  CLASSROOM RULES: 1. Listen to your teacher and follow the given instructions. 2. Be polite and respectful when talking to your teacher and peers. 3. Take it upon yourself to keep your classroom neat and tidy. 4. Do not use electronic devices such as smartphones and tablets in the classroom except for emergency purposes. 5. Raise your hand if you have something to say. 4 Pics, 1 Word Compensatio n Benefits  Learning Objectives: At the end of the lesson the students can: a. Differentiate accurately the wages and salraries through an Oral Recitation; b. Demonstrate understanding about employees, work, and pay through a “Paint me a picture; c. Show appreciation in learning Compensation and Benefits through a Short essay. Compensation and Benefits Compensation - It is an organized system that provides monetary compensation to employees in exchange for work performance. Benefits - form of compensation paid by employers over and above regular salary or wages. Wages and Salaries - form of compensation paid by employers over and above regular salary or wages. Incentives Program - an official monetary plan designed to motivate and recognize employees’ performance. The use of incentive programs increased in ate 1980s, largely because of concerns over productivity. ex. Sales Bonuses Comparable Worth - a legal principle or concept stating that regardless of sex, employees should be compensated equally for jobs involving the same degree of skills, responsibilities, and effort performed on the job. Benefits Program - a part of a firm's compensation system, providing additional benefits beyond wages and salaries. These programs often make up over half a firm's total compensation budget, offering employee benefits such as worker's compensation, holiday pay, insurance contributions, extended health, life, and disability insurance, and free legal services. Minimum Wage Law - a Republic Act 602, a minimum wage law, applies to employees in private enterprises, government service, and government-owned corporations, covering agriculture, industry, trade, religious, charitable, and educational organizations. The objectives of this law are: Considering that the normal hours of work shall not exceed eight hours a day. The right not to be required to perform overtime work except in emergency; and The right to overtime pay for overtime work. The right to a meal period. The right to night shift differential pay.  The right not to be required to work on a rest day, except for emergency work. The right to additional compensation for rest day or holiday work. The right to holiday pay for a regular holiday as differentiated from one which is not a regular but a special holiday. The right to a service incentive leave.  - places like bars, night clubs, and dance halls are prohibited from paying employees, except for those employed in these establishments. Deadly employees' wages can be paid to heirs without intestate proceedings. The normal hours of work of any employee shall not exceed eight hours a day. Hours worked include all hours during which the employee is available to the employer. a) all times during which an employee is required to be on duty or to be at a prescribed workplace; and b) all times during which an employee is permitted to work. b) all times during which an employee is permitted to work.  - For the meal and rest periods, a worker is entitled to not less than one hour off for regular meals, and to rest periods or coffee breaks of five to twenty minutes except as provided in the Implementing Rules and Regulations. This meal period may be shortened under the following conditions: when the work is non-manual in nature or does not involve strenuous physical exertion; when there are actual or impending emergencies or when there is urgent work to be performed in machinery, equipment or installations to avoid serious loss which the employer would suffer; and when the work is necessary to prevent serious loss of perishable goods. Paint me a picture An employee working at a convenience store during Christmas. Employees receiving their salary after a day’ work.  Night Shift Differential Pay - The Labor Code allows employees to receive night shift differential pay to compensate for the discomfort and dangers of working at night. On ordinary days, employees are paid 109 of their regular wage for each hour of night work, while on rest days or special holidays, they are paid the equivalent wage plus a 30% premium pay. On regular holidays, employees are paid their regular wage plus an additional 10% of the hourly rate. When asked to work after their schedule, they are entitled to their regular wage plus 25% and 10% of the overtime rate  Employees who are denied of receiving nightshift differential pay are the following: those in the government and any of its political subdivisions, including government-owned or controlled corporations. those of retail and service establishments regularly employing not more than five workers; - domestic helpers and persons in the personal service of another; managerial employees. Overtime - Employees who work beyond eight hours on an ordinary working day are paid overtime pay equivalent to their regular wage plus 25%. On designated rest days, they receive premium pay of at least 30% of their regular wage. If they work on a rest day exceeding eight hours, they are paid for an additional 8 hours work plus 30%. Employees working on special holidays are governed by the same rules as regular employees, with additional compensation equivalent to their regular daily wage for the first three hours of holiday work. Philippine Labor Laws overtime pay employee wages and benefits. According to Article 87 of the labor code. Article 87 of the Labor Code mandates overtime pay for employees working beyond eight hours in a day, with additional compensation equivalent to regular wage at least 25%. On a rest day, additional compensation is at least 30% of the first eight hours. Philippine Labor Laws overtime pay employee wages and benefits. According to Article 87 of the labor code. Article 87 of the Labor Code mandates overtime pay for employees working beyond eight hours in a day, with additional compensation equivalent to regular wage at least 25%. On a rest day, additional compensation is at least 30% of the first eight hours. · Overtime pay · Overtime work · Workday · Overtime pay rates Managerial Employees not entitled to overtime play. According to the article 82 of the labor code, managerial employees are not entitled to overtime pay for services rendered over eight hours a day. Supervisory employees are considered as officers or members of the managerial staff and are not entitled to overtime, rest day, and holiday pay.  ½ sheet of paper. Write a short essay based on our topic of how important is studying the compensation and benefits for you. How can understanding the compensation and benefits you receive at work—such as your salary, health insurance, retirement contributions, and paid time off—help you make more informed decisions about budgeting, saving for the future, and managing your work-life balance? Based on what we have discussed today, why is it significant to learn the concepts and components of Compensation and Benefits? QUIZ TIME! 1.These are a typical incentive. Under such a program, employees who sell a certain number or amount of goods for the year receive a special payment. Employees who do not reach this goal earn no bonus. For example, executives may receive stock options and bonuses as incentives. 2.It is an organized system that provides monetary compensation to employees in exchange for work performance. 3.Refers to the form of compensation paid by employers over and above regular salary or wages. 4.Refers to a legal principle or concept stating that regardless of sex, employees should be compensated equally for jobs involving the same degree of skills, responsibilities, and effort performed on the job. 5.These are increasingly a part of a firm's compensation system, providing additional benefits beyond wages and salaries. Assignment: Make a concept map of Compensation and Benefits. Thank You