How is Performance Bonus computed in the Philippines?
I am planning to provide Performance Bonus to our Support Groups (like Accounting, Credit and Collection, Transport Service Grps, Delivery Men) in the company. I would like to know the basis for computing it. We are in trading of Advertising Sign Materials.
Other - Business & Finance - 3 Answers
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Answer 1 :
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Answer 2 :
From what i know the basis for computing performance bonus depends on your company's policy on performance bonus. In the absence of such policy, you can call the Dept. of Labor they might be able to point you to the appropriate section in the DOLE Manual. Your employees are lucky to have considerate employers like you.
Answer 3 :
There are no rules on how you can compute the performance bonus so here are some guidelines that you can tailor-fit to your requirements: Additional month pays, can be pro-rated similar to the computation of 13th month pay. You have the option of going for a 14th month/15th month pay. If you're going for 16th or more, maybe I can start working for you. ;-) You can designate a fixed amount, say P100k, then divide it equally amongst the employees. You can have some computation rules so that employees who have been with you longer can get more. You can give a fixed amount to each employee, say a P10k surprise in their payslip. If you have an employee performance/evaluation system set up, you can use this as a factor in your performance bonus. For example, an employee who got 95% in the evaluation can get this amount. It can even be a range, say 80% to 85% can get this amount. The best would be a combination of the above. Oh, and if you decide to shoulder the taxes for the additional compensation, I'm pretty sure that the good karma will carry over to another successful year for your company. ;-) Hope this helps.
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