For standardization purposes, hourly and daily rates are the corresponding equivalent of the monthly pay. They were computed on the basis of 313 working days a year and 8 hours per day.
Description
Definition
Time unit - basis of computing, determining or fixing the basic pay or allowance, i.e., hour, day or month. This is different from frequency of payment such as twice a month.
Time-rate workers on full time basis - those paid on the basis of a time unit and who work at jobs with hours of work equal to or more than those considered as normal or regular to the establishment.
Wage rate - refers to the sum of basic pay and regular/guaranteed cash allowances.
Allowances include
- Cost of living allowances (COLA)
- Other guaranteed cash payments given monthly
Allowances exclude
- Reimbursements for travel, entertainment, meals and other expenses, etc. incurred in conducting the business of the employer
- Cost of uniform/working clothes
- Bonuses and gratuities
- Family allowances
- Payments in kind