How to calculate vacation pay
How do vacationers count?
The amount of the holiday allowance is directly related to the income that you received at this place of work during the 12 months preceding the beginning of the holiday period. In this case, all accrued bonuses, as well as additional payments, are taken into account; the total number of days spent on sick leave and accruals during periods of illness is taken into account. Social payments are not taken into account, which constitute material assistance, as well as payment for meals and travel documents.
The main point for the correct accrual of vacation payments is the calculation of average daily earnings. There is even a special formula for this, which is the ratio of the total accrued wages for the billing period, that is, for 12 months, to the number of days worked by the employee. However, if the employee has worked at this place for less than a year, then the actual time worked is taken as the billing period.
In the ideal case, when an employee planning a vacation, worked every day for 12 months, in order to calculate the number of days worked, you need an average number of calendar days equal to 29.4, multiplied by 12. Starting from April 2, 2014, the ratio became equal to 29.3.
If some days of work were missed, for example, during illness, then apply a special formula. Add up the number of days worked for the months that the employee has fully worked, with the number of days for incomplete months worked. Then it is necessary to divide the number of days worked for an incomplete month by the number of days in a given month and multiply by the coefficient 29.4.
As a result of simple mathematical calculations, the average daily earnings are obtained. The size of the vacation is equal to the product of the daily earnings and the number of days of rest.
In the case of the dismissal of an employee from his place of work within a few days, he is paid, the amount of which includes compensation for unused days of work during work. Monetary compensation for the leave is charged to any dismissing employee, regardless of the length of time he has worked in the organization.
For the calculation of compensation, the calculation is made on the basis of the date of admission of the employee and the date of his dismissal. If in the last month less than half of the days were worked out, then it is not taken into account, and if half or more is rounded up to a full month.
The resulting number of months spent multiplied by 2.33 and receive the number of days for which monetary compensation is required. Further, the amount of monetary compensation is considered as well as the amount of vacation pay when going on vacation.