Update and Clarifications on Payment of 10K Service Recognition Incentive Here's the latest status update and Frequently Asked Questio...
Update and Clarifications on Payment of 10K Service Recognition Incentive
"The 3k SRI shall only be released upon identification of available savings from RELEASED allotment of the entire agency. DepEd needs approximately 3B to be able to pay additional 3k per employee. If pooled PS savings is not enough to cover the additional 3K, it should be UNIFORMLY divided to ALL employees of the AGENCY," said Sevilla.
The undersecretary also provided answers to frequently asked questions regarding the release of SRI as follows:
Q1: Is this taxable?
Here's the latest status update and Frequently Asked Questions with answers on the payment of P10,000 Service Recognition Incentive (SRI) per Administrative Order No.19, series of 2019.
Undersecretary for Finance-Budget and Performance Monitoring, Annalyn M. Sevilla, through her Facebook post, Wednesday, December 18, the 7,000 SRI shall be released to all qualified DepEd employees not earlier than Dec 20, 2019 chargeable to DBM-released allotment and cash.
"The 7k SRI shall be released to all qualified DepEd employees not earlier than Dec 20, 2019 chargeable to DBM-released allotment and cash," saiid Sevilla in her post.
Sevilla also stressed that the remaining Three Thousand Pesos (P3,000) for each employee will be sourced out from available released Personnel Service allotments of the respective agencies in the event that the available released personnel service allotments are insufficient to fully cover the remaining P3,000 per employee, a lower but uniform amount shall be paid to all qualified employees of that agency.
READ; Performance Based Bonus 2018 Status Update
Sevilla also stressed that the remaining Three Thousand Pesos (P3,000) for each employee will be sourced out from available released Personnel Service allotments of the respective agencies in the event that the available released personnel service allotments are insufficient to fully cover the remaining P3,000 per employee, a lower but uniform amount shall be paid to all qualified employees of that agency.
READ; Performance Based Bonus 2018 Status Update
"The 3k SRI shall only be released upon identification of available savings from RELEASED allotment of the entire agency. DepEd needs approximately 3B to be able to pay additional 3k per employee. If pooled PS savings is not enough to cover the additional 3K, it should be UNIFORMLY divided to ALL employees of the AGENCY," said Sevilla.
"We are requesting all regional finance offices to submit the data/details on the available PS savings so we can identify the total pooled savings and determine the amount DepEd can give to its employees. Please submit on or before Dec 19, 2019," Sevilla added.
Q1: Is this taxable?
A1: yes, all compensation and benefits we receive are part of “Taxable income” which is used to calculate how much tax an individual owes to the government in a given tax year.
Income tax is generally computed after determining gross income or adjusted gross income (which is minus any deductions or exemptions allowed in that tax year). May adjustment naman yan before final report of ITR is submitted to BIR. Pag sobra naman withholding tax, agency will refund it to you. If kulang naman, magbabayad ka pa din ng kulang.
Income tax is generally computed after determining gross income or adjusted gross income (which is minus any deductions or exemptions allowed in that tax year). May adjustment naman yan before final report of ITR is submitted to BIR. Pag sobra naman withholding tax, agency will refund it to you. If kulang naman, magbabayad ka pa din ng kulang.
Q2. Is BARMM included in grant of SRI?
A2: Yes it should be as AO 19, series 2019 even included LGUs, SUCS/LUCs and GOCCS. However, funding source depends if you are NGAs, LGUs or GOCCs. I suggest DepEd-BArmm should directly coordinate with DBM so they can have the 7k allotment and cash release from DBM.
A2: Yes it should be as AO 19, series 2019 even included LGUs, SUCS/LUCs and GOCCS. However, funding source depends if you are NGAs, LGUs or GOCCs. I suggest DepEd-BArmm should directly coordinate with DBM so they can have the 7k allotment and cash release from DBM.
"Pasalamat pa din tayo dahil hindi naman expected itong SRI na ito. At least we have the 7k na on or after Dec 20. Let’s appreciate the effort of PRRD, cabinet secretaries who approved this incentive, OP, DBM; and all DepEd finance officers who will identify funding source for the additional 3k and they will work double/triple time to ensure this will be obligated by end of year so we can pay in cash to all employees the additional SRI even after 2020," said Sevilla.
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