Know your payslip blunders. Are you getting the right compensation?

It’s payday again. The most awaited day for all the employees working their asses off to get the compensation that would support them, their families and even their personal priorities. It’s the day when all your 15 days of stress, long hours of work are carried away. But before, we can budget and allot our salary to our expenses; the first most important thing to do is to check if you are paid right. That’s what I have experienced that urges me to write the importance of checking your payslip. Actually, I am very stupid with payslips. As long as the amount written is in the range of what I usually get, I do not question nor wonder about it. Well, that’s the biggest mistake that I’m about to learn. [caption id="attachment_18044" align="aligncenter" width="500"] From[/caption] As I have checked, they have slashed the supposed to be four hours Over Time that I made during this rainy season. It was heartbreaking because I endured the storm and floods just to get to my office and render work in replacement of others who are in worst situation than mine. But that’s not all, as I have checked almost everything, I’ve found out that my Night differential and tardiness were wrong too. What??? Every cent counts in your payslip because it is what you and your company agreed for in the first place. Therefore, it is important that you make sure that you are paid rightful of what is due. I can give you some tips for your payslip blunders. Know the formula. First and foremost, your status matters. If you know your status, then next thing to know is the tax bracket that you expect to see every payday. It is important that you know how to compute your taxes, Overtime pays, even lates would count. You can ask your HR officer to let you know about the current formula so that you can double check your payslip. Check the gross pay. You will have to check too, if the included figures there are what you’ve signed in. If there is a raise, it must be visible. OT’s and other incentives are important to check too. Check the Accuracy. If you know the formula and the figures to play with then, you do know what to expect every payday. If there will be a slight discrepancy, then you might want to recheck it Deductions count. We have to know whether the deduction is valid or not, it might also depend on the premiums you pay for your pensions and other insurances, but if we know what should be deducted at this time or how much, then we can get the real figures that goes into our accounts. It is also important to check if those deductions are properly credited to where they are supposed to be. Like in SSS, you can register online and check how many months you have been paying it and if there is a skipped month were a deduction is in your payslip but not credited to your insurance. Do not hesitate. If you are puzzled to what do you see on your paper, do not just rely on your instincts. It is your right to know how the process is done and every bit of penny showed in your payslip is worth your effort and hard work, so do not hesitate to question it. Go to your HR officer and settle what needs to be. A wise employee knows how to manage his money by firstly assessing if it is correct or not. You don’t want human errors or any other errors affect your record and finances. Your payslip is your document; make sure you are not outwitted by it.

Mark Hugh Neri

Looking for financial planning workshop or for life and/or health insurance with investment options? Got questions related to personal finance? Feel free to message me at Money Gizmo (see link below)

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