Gov’t personnel to receive year-end bonus, cash gift starting Nov. 15
admin • November 14, 2018 • 14537
QUEZON CITY, Philippines — Qualified government employees are set to receive their year-end bonus and cash gift beginning November 15.
The year-end bonus is equivalent to one month salary and is given to government personnel who have rendered at least four months of service from January to October 31 of the current year and those who are employed in the government service as of October 31 of the same year.
Those who have worked for at least four months but have retired or separated from government service before October 31 of the same year shall be granted within the month of retirement or separation, a prorated share of the year-end bonus and cash gift.
Meanwhile, 13th month pay and other benefits including productivity incentives that are less than P90,000 are tax exempt in accordance with the Tax Reform for Acceleration and Inclusion or TRAIN Law.
The Department of Budget and Management has allocated P29.7 billion to fund the year-end bonus of civilian personnel, and P6.7 billion for military and uniformed personnel.
Starting December 15, government employees will receive their productivity enhancement incentive. — UNTV News & Rescue
MANILA, Philippines – Employees of government agencies will receive their mid-year bonus on May 15, according to Budget Circular 2016-3.
The mid-year bonus, equivalent to one month basic salary, is in accordance to Executive Order No. 201 issued in February 2016 and will be provided to all civilian, military, and uniformed personnel.
Budget Secretary Benjamin Diokno said the government has allotted a total of P36.2 billion for the extra pay of 1.5 million government employees.
Those who are entitled for the mid-year bonus are personnel who rendered at least a total of 4 months of service, obtained at least a satisfactory performance rating in the preceding period and should still be in service as of May 15.
Diokno added that the mid-year bonus is non-taxable if it does not exceed P90,000. – UNTV News & Rescue
MANILA, Philippines – Based on a survey conducted by Bangko Sentral ng Pilipinas (BSP) in December 2016, more Filipinos prefer to spend than save their money.
But the statistics changed in the latest survey held by BSP in March this year which revealed that more Filipinos now consider saving their money.
According to Riza Matibag Muyot, a financial adviser, there are ways to save your hard-earned money. Likewise, bonuses can be deposited into a bank savings account or can be an emergency fund in times of need.
“Yung 13th month pay na yan, alam nating extra yan. Yung mga extra kailangan din, meron kang extra ipon. So pinakamaganda sana kung maiipon natin (A 13th-month pay, as we know, is a bonus. For extra pays, there should also be extra savings. It would be best if we can save them),” Muyot said.
Year-end bonuses can also be used to invest in a small business.
You may also use it to buy your favorite gadget, but under certain conditions.
“Marunong ka sa computer, magsulat, gamitin mo siya as investment naman sa pambili ng gamit na kakailanganin mo sa pagnenegosyo or pagkita (If you’re computer literate and you can write, use the money as an investment to buy equipment you will need in your business or livelihood)” Muyot added.
She said it is only one time in a year that a person can receive such a bonus, that’s why it is important to think twice before spending it. – Mon Jocson | UNTV News & Rescue
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