Salaries, Wages and Benefits Webinar by Atty. Elvin Villanueva
Salaries, wages and benefits are among the challenging areas in managing one’s business. HR practitioners and managers have to keep abreast with the latest practices, trends, and policies as they mean losing people or morale.
On November 6, 2020, a Webinar will be held on the matter at 1:30 pm to 4:30 pm, Friday, November 6, 2020 Via Zoom. Those interested may click on the link: https://www.cgbp.org/2020/FlyercourseoutlineforSWB12.html
Below is the Course Outline of this seminar:
Part I – Train Law Provisions Related to Employee Compensation
- Compensation Income
- Highlights of Train Law on Compensation
- Revised Withholding Tax (WT) Table
- Using the Train Law WT Table
- Exemption of Minimum Wage Earners
- New non-taxable limit
- Utilizing the non-taxable range
Part II – De Minimis Benefits
- Concept of Fringe Benefits
- Covered Employees
- Fringe Benefits subject to Fringe Benefits Tax (FBT)
- Money
- Property Other than Money
- Fringe Benefits not subject to FBT
- De minimis benefits
- Meaning of De Minimis Benefits (DMB) in general
- RR 11-2018 Amends the List of DMB
- Amendment of the following RR:
- RR 2-98
- RR 5-2008
iii. RR 5-2011
- RR 8-2012
- RR 1-2015 (Exempts DMB and FBT from tax on compensation)
- Updated list of DMB
- Monetized unused VL not exceeding 10 days
- Medical cash allowance
- Rice subsidy
- Uniform and clothing allowance
- Actual Medical Assistance
- Laundry Allowance
- Employees Achievement Awards
- Gifts given during Christmas Party and Major Anniversary Celebration
- Daily meal allowance for OT work and night/ graveyard shift
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Acquire Mastery of HR/Labor Doctrines, Rules and Principles with Atty. Elvin’s HR Bundle Books at Discounted Rate
Benefits received by virtue of CBA and Productivity Incentives
- Summary of the changes made to DMB List
- Compensation Structure utilizing DMB
- Exclusivity of DMB list
- Those not included in the enumeration shall be subject to income tax as well as withholding tax on compensation income
- Sample Computations of DMB
Part III – 13th Month Pay and Other Benefits Under Train Law
- Concept of 13th Month Pay
- Who are entitled to 13th Month Pay
- Exclusions from coverage
- Sample Computation for the full calendar year
- Sample Computation of prorate 13th month
- Effects of COVID-19 Pandemic and/or Quarantine Protocols to 13th Month Pay Computation
- Effects of Maternity Leave on 13th Month Pay computation
- Other Benefits
- Christmas Bonus
- Concept of Christmas Bonus
- Productivity Incentive Bonus
- Loyalty Award
- Gifts
- Other Benefits of similar nature
- Exemption from Withholding Tax and Exclusion from Computation of Gross Income
- Applicable provision of the National Internal Revenue Code (NIRC)
- Gross Income
- Exclusion from Gross Income
iii. Miscellaneous Items – 13th Month Pay and Other Benefits
- Old ceiling of 13th month pay and Other benefits is P82,000
- Train Law on on 13th Month Pay and Other Benefits
- Total exclusion shall not exceed eighty-two thousand pesos (P90,000) from previously P82,000 under R.A. 10653
- Other coverage of total exclusion
- Christmas Bonus
- Productivity Incentives
- Application of P90,000.00 ceiling
- 13th month pay
- Other benefits
- Non-applicability to other compensation
- Benefits such as Retirement Pay, Separation Pay
- Sample computations structuring DMB and 13th Month Pay and other Benefits Under the New Tax Rules
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