1/2 13th month NOT provident fundable
Thread Starter
1/2 13th month NOT provident fundable
Well ladies and gents I just checked my Dec pay slip and we are NOT getting 15.5% of the half months pay.
Why? because they are calling it a "ex gratia payment"
F
ass
back in Dec 2003 when thay paid about 1/2 month they called it "annual discretionary bonus" and they did pay 15.5%
So what's the difference now?
bast
Why? because they are calling it a "ex gratia payment"
F
assback in Dec 2003 when thay paid about 1/2 month they called it "annual discretionary bonus" and they did pay 15.5%
So what's the difference now?
bast
Join Date: Oct 2006
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ex gratia - "done from a sense of moral obligation rather than because of any legal requirement"
Having read the HKAOA update this week you will see that some think that whilst we might break even at the operating level, we will make a multi billion dollar loss on the bottom line. For those of you who don't like to get involved with accounting mumbo jumbo, that means in the business of moving pax/cargo from A to B we will approximately break even. Other events, such as Cargo Fines, Fuel Hedging losses and Aircraft writedowns will ensure a 3-4Billion loss, IMO. Only the Cargo fine is a 'cashflow' item so we are not in the same dire straits as the first half of 2003 SARS. And remember, the bigger the hedging loss, the lower our fuel costs will be in future - or if fuel prices rise again, we will make hedging gains in future instead!
So ACMS I have to say I didn't expect PF contribution....given the expected loss the company was in no way required to pay any 13th month. Its a bit like the 3cent dividend they paid to shareholders in the first half...more about appearance than substance.
BTW, looks like I was way off saying we would be profitable this year! ;-(
Having read the HKAOA update this week you will see that some think that whilst we might break even at the operating level, we will make a multi billion dollar loss on the bottom line. For those of you who don't like to get involved with accounting mumbo jumbo, that means in the business of moving pax/cargo from A to B we will approximately break even. Other events, such as Cargo Fines, Fuel Hedging losses and Aircraft writedowns will ensure a 3-4Billion loss, IMO. Only the Cargo fine is a 'cashflow' item so we are not in the same dire straits as the first half of 2003 SARS. And remember, the bigger the hedging loss, the lower our fuel costs will be in future - or if fuel prices rise again, we will make hedging gains in future instead!
So ACMS I have to say I didn't expect PF contribution....given the expected loss the company was in no way required to pay any 13th month. Its a bit like the 3cent dividend they paid to shareholders in the first half...more about appearance than substance.
BTW, looks like I was way off saying we would be profitable this year! ;-(
Thread Starter
I take the PF in CASH and yes $9,000 less is quite a bit.
Just another bit of BS from CX.
Call it ex-gratia and we don't have to pay.
What's the difference, after SARS in 2001 when the world was ending they still called it "annual discretionary bonus" and as such it was PFundable.
Just yet another way to screw us all.
I bet the manager that thought of this gets a big fat % of the savings.
Just another bit of BS from CX.
Call it ex-gratia and we don't have to pay.
What's the difference, after SARS in 2001 when the world was ending they still called it "annual discretionary bonus" and as such it was PFundable.
Just yet another way to screw us all.
I bet the manager that thought of this gets a big fat % of the savings.
