Now comes soon vacation money! – Your side

Your page Many employees receive holiday pay in June. It’s the Holidays Act which regulates when the holiday pay to be paid, and that point is this related to the last normal payday before the holidays.

That’s how much you earned in 2014, which determines the amount of payment you can expect.

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So much you are entitled

According to the Labour Inspection shall vacation money be minimum 10.2 percent of vacation pay. Workers aged over 60 are entitled to a minimum of 12.5 percent.

If your work is bound by a collective agreement that provides five holiday weeks, however, the annual rate is 12 percent. For workers over 60 years, the rate is 14.3 percent.

holiday pay basis is the amount you get paid as salaries and remuneration in the qualifying year . For 2015, wages in 2014 which lays the foundation. Remember that holiday money you were paid last year is not part of the calculation, only the salary for the remaining work week.

Do you think this was complicated? DinSide holiday pay calculator calculates the amount for you.

Tractor for fifth week

Do you have five weeks vacation, you usually do not get paid the full amount listed as “vacation pay payable” paycheck. This is confusing, but has a logical explanation.

When the holiday pay paid in June, held back wages for the weeks you should take a vacation. Since there are five weeks in a month, pulled the extra days of holiday pay. The rate for holiday pay is increased from 10.2 to 12 percent in order to safeguard this.

How is calculated June payment:

• Monthly salaries for June (26 working days including Saturday)
• Plus holiday pay payable
• Minus salary deductions for five weeks (30 working days including Saturday).

The four days you have holiday beyond an average working month, drawn thus from holiday money. Holiday pay payable is therefore in real terms four daily salary lower than that which appears on your paycheck.

Note that this only applies to a fixed monthly salary. Do you have time salary, you get both salary and holiday pay in June.

For more thorough explanation of how working and and pull explained, take a look at Visma.