Payroll Slip for school teachers is here!
Like any public school government employee, I work on weekdays from 8-5 starting Mondays to Fridays.
Salary Increase by Tranche
The good news is we recently had our salary increase that came in tranches which are released on a yearly basis for about 4 years, depending on who sits on the seat of power running the country.
For the purpose of transparency, I’ll show you how our payroll slip, how it actually looks like in our own school setting.
To break it down into manageable pieces, I’ll explain what those deductions, and net pay really mean.
Payroll Slip Deductions
My actual basic salary is PhP 24,724.00, Twenty Four Thousand, Seven Hundred Twenty Four for a Teacher I position with a Salary Grade of 11 based on the Second Tranch Salary Increase which was released last January 2021 this year by DBM.
Here’s the month of March Official Payroll Slip (Payslip) table of deductions and breakdown if many of you are wondering where all the deductions are going:
|Deductions||Effectivity Date||Termination Date||Amount of Deduction|
|Tardiness & / Undertime||–|
|Leave without pay||–|
|BIR Withholding Tax||193.81|
|GSIS Real Estate Loan||–|
|GSIS Conso Loan||05-01-2018||07-01-2028||3,590.20|
|GSIS Multi-purpose Loan||–|
|GSIS Computer Loan||–|
|GSIS Emergency/Calamity Loan||03-01-2018||06-01-2021||655.56|
|GSIS Policy Loan||300.00|
|GSIS Educ. Loan||–|
|PAG-IBIG Multi-purpose Loan||–|
|PAG-IBIG Housing Loan||–|
|Phil. Interlife Ins.||–|
|City Savings Bank||–|
|China Bank Savings|
|Mindanao Educators Mutual Benefit Assoc.|
Whenever we have a salary increase a tax is strictly imposed. If I base this on the community tax certificate as of February 29, 202, I paid PhP 301 Pesos.
I previously had availed loans from these private banks namely: City Savings Bank, Eastwest Bank, China Bank Savings.
It was not easy having two (2) bank loans at a time! There were instances we had a undeducted/unremited obligations because our previous accountant/disbursing officer window dressed (payment voucher kiting kind of thing) our payroll slip/payslips, and I had to pay cash to these banks.
The remaining bank left I made is from One Network Bank acquired by BDO with a monthly amortization of PhP 4,822.00 which will end/terminate on March 20, 2023. Finally, I can spend and invest on things that matters.
Taking up the most slice of the share is from GSIS. The GSIS Share is PhP 2,226.78, followed by GSIS Conso Loan PhP 3,590.20 this is 11% per annum – this amount is enough to fund a stock market with such steady flow in returns for 7 long years!, next is GSIS Emergency Loan PhP 655.56, hopefully this will end on this year by June or July 2021, giving breathing space increase for my net pay. And GSIS Policy Loan of PhP 300.
So, that’s it my net pay is PhP 14,482.52. Enough to pay for my rent, electricity bills, food and some savings.