by Raymund Zalamea | Feb 27, 2017 | glossary
The ANC is the required current contribution of the Company for the service to be rendered by the employees for this year.
by Raymund Zalamea | Feb 27, 2017 | glossary
The PSL is the liability of the company for the services rendered by their employees from date of hire to valuation date. The PSL can be paid in full or in amortized amount over a 3-year, 5-year, etc. but not to exceed the remaining working life of the employee...
by Raymund Zalamea | Feb 27, 2017 | glossary
Below is an excerpt about International Accounting Standards (IAS) 19 taken from Deloitte. IAS 19 Employee Benefits (amended 2011) outlines the accounting requirements for employee benefits, including short-term benefits (e.g. wages and salaries, annual leave),...
by Raymund Zalamea | Feb 27, 2017 | articles, glossary
Republic Act No. 7641 (RA 7641), also known as the Retirement Pay Law, came into effect in January 7, 1993 and was made to amend Article 287 of the Labor Code of the Philippines. This law prescribes minimum retirement benefit that companies must pay eligible retiring...
by Raymund Zalamea | Feb 27, 2017 | articles
Since Republic Act (RA) 7641, also known as the Retirement Pay Law, does not require companies to set up formal retirement plans, why, then, should the consider doing so? The answer is very practical in nature: to enable both the company and the employee to avail of...
Recent Comments