For Daily-paid employees, here is how the hourly rate is computed:
(Daily rate) / (total working hours per day) = HOURLY RATE
You can check out the examples below:
Daily Rate: ₱ 500.00
- Total Working Hours Per Day: 8 hours
- Hourly Rate: ?
- (500) / (8) = ₱ 65.50
Daily Rate: ₱ 537.00
- Total Working Hours Per Day: 8 hours
- Hourly Rate: ?
- (537) / (8) = ₱ 67.13
For Monthly Paid Employees, you need to get first the daily rate down to its hourly rate
- (Monthly Rate * 12 months ) / Work days per year = Daily Rate
- Daily Rate / Required Working Hours per day = Hourly Rate
Sample:
- Monthly Rate: 25,000
- Work Days per year: 261
Annual Rate: 300,000 =25,000 *12 months
- Daily Rate: 1,149.43 =300,000 / 261 days
- Hourly Rate: 143.68 = 1,149.43 / 8 hours
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