Your payslip is more than just a record of your salary - it’s a summary of your work, contributions, deductions, and overall financial stewardship as an employee. Understanding how to read your payslip allows you to track your income accurately, verify deductions, and manage your finances responsibly.
What is a Payslip?
A payslip is an official document that shows how your gross earnings were computed and how much remains after all mandatory and voluntary deductions. It reflects transparency and accountability, both from you as an employee and from Payroll as the processor of your compensation.
A payslip typically includes:
- Basic pay
- Allowances or other earnings
- Overtime/holiday pay/adjustments
- Government-mandated deductions (SSS, PhilHealth, Pag-IBIG, Withholding Tax)
- Other deductions (loans, late/undertime, etc.)
- Net pay (actual take-home pay)
Main Parts of the Payslip
- Gross Pay - the total amount you earned before any deductions. Includes basic pay, overtime, holiday pay, and allowances.
- Statutory Deductions - deductions required by law, such as SSS, PhilHealth, Pag-IBIG, and Withholding Tax.
- Company Deductions - internal deductions such as loans, advances or other repayments.
- Net Pay - your actual take-home pay or what gets credited to your payroll account.
Note that deductions are not penalties; they are either required by law or approved by you to help secure your benefits or pay obligations.
- SSS, PhilHealth, and Pag-IBIG contributions ensure your government benefits and coverage.
- Withholding tax is part of your annual income tax.
- Salary loans or advances are repayments as scheduled.
Each deduction in your payslip has a corresponding benefit or legal basis.
Benilde Net Pay Rule
Based on Benilde's policy, associates must retain a minimum of 25% of their gross pay as their take-home pay. If the net pay falls below the 25% threshold, certain deductions will be deferred.
Exceptions to this rule include deductions related to the following:
- Government loans (SSS/HDMF)
- Attendance-related deductions (absences, unpaid leaves, undertime, tardiness)
How to Read Your Payslip
When you receive your payroll and access it through Traverse, follow these steps:
- Check the pay period. Ensure it matches the days you worked:
- For work hours credited from the 1st to the 15th of the month, you’ll receive your pay on the 25th or 30th, depending on your classification.
- For work hours credited from the 16th to the 30th of the month, you’ll receive your pay on the 10th or 15th, depending on your classification.
Example: If you’re a full-time associate and had an approved overtime on August 14, your pay for this will be credited to your account on August 25.
- Verify your basic pay. Confirm if the rate or number of days worked is correct.
- Review your overtime and benefits. Make sure additional pay items are reflected.
- Cross-check your deductions. Ensure that each is authorised and accurate.
- Understand your net pay. This is your final take-home after all contributions and adjustments.
Your net pay may vary every pay period due to:
- Per payroll annualization of tax
- Changes in allowances, overtime, or leave without pay
- New or expiring loans or deductions
- Updated SSS, PhilHealth, or Pag-IBIG rates, Tax adjustments due to bonuses or incentives
Even if your gross pay remains constant, your net pay can fluctuate because of these variables. If you have additional questions or clarifications regarding your payslip, submit a ticket.
When submitting a ticket, refrain from attaching your payslip or indicating the actual amount missing/added. Our Payroll Team can directly verify this in their records and will ask you should this be required.