For standardization purposes, hourly and daily rates are the corresponding equivalent of the monthly allowances. They were computed on the bass of 313 working days a year and 8 hours per day.
Description
Definition
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