Thirteenth-month pay definition

Thirteenth-month pay means one twelfth (1/12) of the basic salary of an employee within a calendar year;
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Thirteenth-month pay means one-twelfth (1/12) of the basic salary of an employee within a calendar year.The “basic salary” of an employee for the purpose of computing the 13th-month pay shall include all remunerations or earnings paid by the employer for services rendered but does not include allowances and monetary benefits which are not considered or integrated as part of the regular or basic salary, such as the cash equivalent of unused vacation and sick leave credits, overtime, premium, night differential and holiday pay and cost-of-living allowances. However, these salary-related benefits should be included as part of the basic salary in the computation of the 13th-month pay if by individual or collective agreement, company practice or policy, the same are treated as part of the basic salary of the employees. (No. 4 [a], Revised Guidelines on the Implementation of the 13th-Month Pay Law; No. X [C], DOLE Handbook on Workers Statutory Monetary Benefits). Premium pay is not included in the computation of the 13th-month pay. (Davao Fruits Corporation vs. Associated Labor Union, G. R. No. 85073, Aug. 24, 1993, 225 SCRA 562). In the 2005 case of Honda Phils., Inc. vs. Samahan ng Malayang Manggagawa sa Honda, [G. R. No. 145561, June 15, 2005], it was ruled that for employees receiving regular wage, “basic salary” has been interpreted to mean, not the amount actually received by an employee, but 1/12 of their standard monthly wage multiplied by their length of service within a given calendar year. Thus, excluded from the computation of “basic salary” are payments for sick, vacation and maternity leaves, night differentials, regular holiday pay and premiums for work done on rest days and special holidays as held previously in San Miguel Corporation [Cagayan Coca-Cola Plant] vs. Inciong, et al., [103 SCRA 139 (1981)]. In Hagonoy Rural Bank vs. NLRC, [349 Phil. 220 (1998)], St. Michael Academy vs. NLRC, [354 Phil. 491 (1998)], Consolidated Food Corporation vs. NLRC, [373 Phil. 751 (1999)] and similar cases, the 13th month pay due an employee was computed based on the employee’s basic monthly wage multiplied by the number of months worked in a calendar year prior to separation from employment. (Honda Phils., Inc. vs. Samahan ng Malayang Manggagawa sa Honda, G. R. No. 145561, June 15, 2005). But in a case where the employer, from 1975 to 1981, freely, voluntarily and continuously included in the computation of its employees’ thirteenth-month pay, payments for sick, vacation and matern...
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Related to Thirteenth-month pay

  • THIRTEENTH The Board of Directors of the Corporation is expressly authorized to make, alter or repeal the By-Laws of the Corporation by a vote of the majority of the entire Board. The stockholders may make, alter or repeal any By-Law whether or not adopted by them, provided however, that any such additional By-Laws, alterations or repeal may be adopted only by the affirmative vote of the holders of two-thirds or more of the outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors (considered for this purpose as one class).

  • SO2 Allowance means “allowance” as defined at 42 U.S.C. § 7651a(3): “an authorization, allocated to an affected unit by the Administrator of EPA under Subchapter IV of the Act, to emit, during or after a specified calendar year, one ton of sulfur dioxide.”

  • Interim Payment means, with respect to each Loan, an amount equal to the initial Loan Amount multiplied by the percentage equal to the product of (i) the quotient derived from dividing the initial Loan Factor with respect to such Loan by 30, and (ii) the number of days from (and including) the Funding Date of such Loan to (but not including) the first Payment Date with respect to such Loan.

  • TWELFTH The Corporation may transact business in any part of the world.

  • Month means calendar month.

  • Monthly shall be construed accordingly;

  • Monthly Fee The amount payable by Healthcare to LTC under Section 4.1 herein with respect to a particular Full Month or any First Month or Last Month.

  • Hire Fee the hire fee specified in Item 13.

  • Monthly salary means the gross amount paid to a participant making a claim under s. 40.65, at the time he or she becomes disabled within the meaning of s. 40.65 (4), by the employer in whose employ the injury occurred or the disease was contracted. Overtime pay may not be considered part of an employee’s monthly salary unless the employee received it on a regular and dependable basis.

  • Monthly Base Salary means 1/12th of the greater of (i) Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control Termination or a Covered Termination, as applicable, or (ii) in the case of a Change in Control Termination, Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control.

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one day prior to the Change in Control, and (ii) the Average Incentive Bonus.

  • Basic Rent Payment Date means each day determined in accordance with Exhibit C upon which a payment of Basic Rent becomes payable. If a Basic Rent Payment Date shall fall on a day which is not a Business Day, any payment due on such Basic Rent Payment Date shall be made on the next succeeding Business Day.

  • Monthly Base Rent The monthly rent specified in Section 1.01(8).

  • Annual Premium means an amount specified in the Schedule, which is payable under the annual Premium payment mode under this Policy, excluding Extra Premium, if any and excluding service tax or any other taxes, cesses or levies, if any;

  • Credit allowance date means with respect to any qualified equity investment:

  • Annualized means (i) with respect to the end of the first Fiscal Quarter of the Borrower ending after the Closing Date, the applicable amount for such Fiscal Quarter multiplied by four, (ii) with respect to the second Fiscal Quarter of the Borrower ending after the Closing Date, the applicable amount for such Fiscal Quarter and the immediately preceding Fiscal Quarter multiplied by two, and (iii) with respect to the third Fiscal Quarter of the Borrower ending after the Closing Date, the applicable amount for such Fiscal Quarter and the immediately preceding two Fiscal Quarters multiplied by one and one-third.

  • FOURTEENTH Meetings of the Directors may be held outside of the State of Delaware at such places as may be from time to time designated by the Board, and the Directors may keep the books of the Company outside of the State of Delaware at such places as may be from time to time designated by them.

  • Lease Payment Date means, with respect to any Interest Payment Date, the 5th Business Day immediately preceding such Interest Payment Date.

  • Arrears for this purpose means, in respect of a Loan, on any date that two or more Monthly Payments have become due and remain unpaid by the relevant Borrower, and this reporting line relates to repurchases under clause 8.11 of the Mortgage Sale Agreement.

  • Lump Sum Payment The payment to be made by Company to Seller in exchange for Seller making the Net Energy Potential of the Facility available for dispatch by Company. When necessary to account for the availability of some but not all WTGs, the amount of the monthly Lump Sum Payment is to be allocated pro rata to each WTG and shall be calculated and adjusted as provided in Section 3 (Calculation of Lump Sum Payment) of Attachment J (Company Payments for Energy, Dispatchability and Availability of XXXX) to this Agreement.

  • Quarterly Payment Date means the last day of each March, June, September, and December or, if any such day is not a Business Day, the next succeeding Business Day.

  • NOx Allowance means an authorization to emit a specified amount of NOx that is allocated or issued under an emissions trading or marketable permit program of any kind that has been established under the Clean Air Act or a state implementation plan.

  • Premium Payment Date in respect of any Option, means the date on which the Premium is due and payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation.

  • Deferred Sales Charge Payment Date means December 10, 2016 and the tenth day of each month thereafter through April 10, 2017.

  • Lease Termination Payments means all payments received by or on behalf of any Seller with respect to a Lease with respect to any terminations, surrenders, modifications, renewals or amendments of any such Lease.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.