Final Pay

Final Pay



Final Pay

Final pay refers to the sum or totality of all the wages or monetary benefits due to the employee regardless of the cause of the termination of employment, including but not limited to:
  1. Unpaid earned salary of the employee - Your pro-rated last salary is equal to how many days you’ve worked until the most recent cut-off.
  2. Cash Conversion of unused or remaining Vacation Leave pursuant to company policy.
  3. Pro-rated 13th-month pay.
  4. Income tax claim for the excess of taxes withheld, if applicable.
  5. Separation pays pursuant to Articles 298-299 of the Labor Code, as renumbered, if applicable.
The final pay shall be released on the 30th day from the date of separation or termination of employment as mandated by the Department of Labor and Employment (DOLE).
 
The Company requires clearance before the release of the last payment to the employee. The Clearance procedures are instituted to ensure that the properties belonging to the employer but are in the possession of the separated employee, are returned to the employer before the employee’s departure.
 
In case an employee’s accountability arises due to loss, damaged, stolen, or unreturned company assets or properties, or outstanding company loans – the company has the right to withhold the employee’s final pay to recoup the value of the unreturned company assets.
 
Please timely obtain your clearance and complete your exit and interview from the Human Resources Department. The exit clearances will be routed to the HR, IT, and Finance Departments for verification and signing. Process your clearance papers before your separation to avoid any delays.
 
The Finance Department will send you a notification to your email to confirm your final pay computation and to address any concerns before the release date. A copy of your BIR Form No. 2316 will be provided as well by the department.
 
Your final pay will be credited to your payroll account on the 30th day from the date of separation or termination of employment.
 
For Certificate of Employment (COE) requests, please email hr-team@boomering.ph.