Showing posts with label 13th month pensions. Show all posts
Showing posts with label 13th month pensions. Show all posts

Thursday, March 19, 2015

Republic Act No. 10653: Increase of the Total Amount of Exclusion to P82,000.00 for 13th Month Pay and Other Benefits from Gross Income under RR No. 3-2015

Recently, the Bureau of Internal Revenue finally issued the Revenue Regulations No. 3-2015 implementing the Provisions of Republic Act No. 10653. "An act Adjusting the 13th Month Pay and Other Benefits Ceiling Excluded from the Computation of Gross Income for Purposes of Income Taxation.

Amending the provision on Revenue Regulations No. 2-98 - The amount of Thirty Thousand Pesos (P30,000.00), specifically referring to the total amount of 13th month pay and other benefits as one of the exclusions from gross compensation income received by an employee prescribed under the pertinent provisions, including the example computations of revenue Regulations (RR) No. 2-98, as amended, is hereby increased to "Eighty Two Thousand Pesos (P82,000.00)", pursuant to the provisions of RA No. 10653.

The amount of P82,000.00 shall ONLY apply to the 13th month pay and other benefits prescribed under the provisions of section 2.78.1.(B)(11) of RR No. employee under an employer-employee relationship, such as basic salary and other allowances. It must be emphasized that this exclusion from gross income is not applicable to self-employed individuals and income generated from business.

The amount of P82,000.00 shall apply to the 13th month pay and other benefits paid or accrued beginning January 1, 2015.



Sunday, December 14, 2014

SSS will release 13th month pensions of pensioners in December

SSS announced last November 27, 2014 that SSS pensioners will receive 13th month pension this December 2014.


According to the Social Security System (SSS), the agency will release P6 billion for the 13th month pensions of nearly 1.9 million pensioners in December, as part of its annual year-end tradition that began in 1988.

Besides, children receiving dependent’s pensions are also entitled to the 13th month pension.


The 13th month pension of retirees and survivor pensioners is equal to the amount of their regular monthly pensions, while it excludes the carer’s allowance for disability pensioners.

SSS members or their beneficiaries can withdraw their December and 13th month pensions on a schedule based on the members’ contingency date for retirement, disability or death.

In fact, based on current SSS records, the average basic monthly pension amounts to P3,157.