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What is Payment?

Payment is the transfer of money, goods, or services in exchange for goods and services in acceptable proportions that have been previously agreed upon by all parties involved. A payment can be made in the form of services exchanged, cash, check, wire transfer, credit card, debit card, or cryptocurrencies.

Payments can be the transfer of anything of value or benefit to the parties. An invoice or bill typically precedes a payment. Payees usually get to choose how they will accept payment. However, some laws require the payer to accept the country's legal tender up to a prescribed limit. Payment in another currency often involves additional foreign exchange transaction fees, usually around 2–3% of the total payment being made, but could be quite a bit higher depending on the bank or card issuer and country of purchase.

Payment Computation means any Base Fee Computation, any Incentive Fee Computation, or any Expense Fee Computation.

In the company, different overtime pays are computed through following this table:

How to compute different overtime pays?

1. Ordinary Overtime Pay

• Premiums: the sum of the all the holiday, legal, and other pays, not including the basic pay.
• To compute for the hourly rate:

For example, the sum of the premiums is PHP 643.68/8 or divide by 8 (referring to the hours rendered per day which is an 8-hour work shift)

So the hourly rate is PHP 80.46

For example, PHP 80.46 x 1.250 = PHP 100.58

PHP 100. 58 x (say the overtime hours rendered by the employee are 3 hours) = PHP 301.78

For example, PHP 80.46 x 0.100 = PHP 8.046

PHP 8.046 x (say the overtime hours rendered by the employee are 3 hours) = PHP 24.138

For example, PHP 80.46 x 1.375 = PHP 110.825

PHP 110.825 x (say the overtime hours rendered by the employee are 3 hours) = PHP 332.475

2. Rest Day Overtime Pay

• To compute for the hourly rate:

For example, the sum of the premiums is PHP 643.68/8 or divide by 8 (referring to the hours rendered per day which is an 8-hour work shift)

So the hourly rate is PHP 80.46

For example, PHP 80.46 x 1.690 = PHP 135.98

PHP 135.98 x (say the overtime hours rendered by the employee are 3 hours) = PHP 407.93

For example, PHP 80.46 x 1.560 = PHP 125.52

PHP 125.52 x (say the overtime hours rendered by the employee are 3 hours) = PHP 376.55

For example, PHP 80.46 x 2.028 = PHP 163.17

PHP 163.17 x (say the overtime hours rendered by the employee are 3 hours) = PHP 489.52

3. Special Holiday Overtime Pay

• To compute for the hourly rate:

For example, the sum of the premiums is PHP 643.68/8 or divide by 8 (referring to the hours rendered per day which is an 8-hour work shift)

So the hourly rate is PHP 80.46

For example, PHP 80.46 x 1.690 = PHP 135.98

PHP 135.98 x (say the overtime hours rendered by the employee are 3 hours) = PHP 407.93

For example, PHP 80.46 x 1.560 = PHP 125.52

PHP 125.52 x (say the overtime hours rendered by the employee are 3 hours) = PHP 376.55

For example, PHP 80.46 x 2.028 = PHP 163.17

PHP 163.17 x (say the overtime hours rendered by the employee are 3 hours) = PHP 489.52

4. Legal Holiday Overtime Pay

• To compute for the hourly rate:

For example, the sum of the premiums is PHP 643.68/8 or divide by 8 (referring to the hours rendered per day which is an 8-hour work shift)

So the hourly rate is PHP 80.46

For example, PHP 80.46 x 2.600 = PHP 209.20

PHP 209.20 x (say the overtime hours rendered by the employee are 3 hours) = PHP 627.59

For example, PHP 80.46 x 2.400 = PHP 193.10

PHP 193.10 x (say the overtime hours rendered by the employee are 3 hours) = PHP 579.31

For example, PHP 80.46 x 3.120 = PHP 251.04

PHP 251.04 x (say the overtime hours rendered by the employee are 3 hours) = PHP 753.11

5. Special Holiday Rest Day Overtime Pay

• To compute for the hourly rate:

For example, the sum of the premiums is PHP 643.68/8 or divide by 8 (referring to the hours rendered per day which is an 8-hour work shift)

So the hourly rate is PHP 80.46

For example, PHP 80.46 x 1.950 = PHP 156.88

PHP 156. 88 x (say the overtime hours rendered by the employee are 3 hours) = PHP 470.69

For example, PHP 80.46 x 1.800 = PHP 144.83

PHP 144.83 x (say the overtime hours rendered by the employee are 3 hours) = PHP 434.48

For example, PHP 80.46 x 2.340 = PHP 188.28

PHP 188.28 x (say the overtime hours rendered by the employee are 3 hours) = PHP 564.83

6. Legal Holiday Rest Day Overtime Pay

• To compute for the hourly rate:

For example, the sum of the premiums is PHP 643.68/8 or divide by 8 (referring to the hours rendered per day which is an 8-hour work shift)

So the hourly rate is PHP 80.46

For example, PHP 80.46 x 3.380 = PHP 271.95

PHP 271.95 x (say the overtime hours rendered by the employee are 3 hours) = PHP 815.86

For example, PHP 80.46 x 3.120 = PHP 251.04

PHP 251.04 x (say the overtime hours rendered by the employee are 3 hours) = PHP 753.11

For example, PHP 80.46 x 4.056 = PHP 326.35

PHP 326.35 x (say the overtime hours rendered by the employee are 3 hours) = PHP 979.04

7. Double Holiday Overtime Pay

• To compute for the hourly rate:

For example, the sum of the premiums is PHP 643.68/8 or divide by 8 (referring to the hours rendered per day which is an 8-hour work shift)

So the hourly rate is PHP 80.46

For example, PHP 80.46 x 3.900 = PHP 313.79

PHP 313.79 x (say the overtime hours rendered by the employee are 3 hours) = PHP 941.38

For example, PHP 80.46 x 3.600 = PHP 289.66

PHP 289.66 x (say the overtime hours rendered by the employee are 3 hours) = PHP 868.97

For example, PHP 80.46 x 4.680 = PHP 376.55

PHP 376.55 x (say the overtime hours rendered by the employee are 3 hours) = PHP 1,129.66

8. Double Holiday Rest Day Overtime Pay

• To compute for the hourly rate:

For example, the sum of the premiums is PHP 643.68/8 or divide by 8 (referring to the hours rendered per day which is an 8-hour work shift)

So the hourly rate is PHP 80.46

For example, PHP 80.46 x 5.070 = PHP 407.93

PHP 407.93 x (say the overtime hours rendered by the employee are 3 hours) = PHP 1,223,80

For example, PHP 80.46 x 4.680 = PHP 376.55

PHP 376.55 x (say the overtime hours rendered by the employee are 3 hours) = PHP 1,129.66

For example, PHP 80.46 x 6.084 = PHP 489.52

PHP 489.52 x (say the overtime hours rendered by the employee are 3 hours) = PHP 1,468.56