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Suggested Rewards & Incentive for Cooperative Members

Published in: Business, Technology
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  1. 1. Rewards Prepared by Jo B. Bitonio Presenter/Discussant
  2. 2. Incentive and rewards should be granted to deserving officers, staff and members GA BOD ETC Mgr Prepare proposal on reward system Review, enhancement of proposal Orient members Implement guidelines & monitor, assess performance Awarding
  3. 3. List of Suggested Awards <ul><li>Highest number of recruits </li></ul><ul><li>Early/Updated of loans and dues </li></ul><ul><li>Highest Patronage </li></ul><ul><li>Highest Savings </li></ul><ul><li>Highest CBU </li></ul><ul><li>Best Projects Funded </li></ul><ul><li>Outstanding Employee </li></ul><ul><li>Best Performing Employee </li></ul><ul><li>Most Valuable Employee </li></ul><ul><li>Loyalty Award for BOD/Staff </li></ul>
  4. 4. <ul><li>The following benefits are exempt from income tax and should not included in computing the withholding tax: </li></ul><ul><li>a. Medical cash allowance to dependents of employees not exceeding P 750 per employee per semester of P 125per month; </li></ul><ul><li>b. Rice subsidy of P 1,000 per month or one sack of 50 kg rice per month of not more than P 1,000.00 </li></ul>de –minimis benefits RR10-2000 BIR
  5. 5. <ul><li>Uniform and clothing allowance not exceeding P 3,000 per annum; </li></ul><ul><li>Actual yearly medical benefits not exceeding P 3,000 per annum; </li></ul><ul><li>Laundry allowance not exceeding P 300 per month; </li></ul><ul><li>Gifts given during christmas and major anniversary celebrations not exceeding P 5,000 per employee per annum </li></ul>
  6. 6. <ul><li>g. Employees achievement awards, e.g. length of service or safety achievement, which must be in the form of a tangible personal property other than cash or gift certificate, with an annual monetary value not exceeding P 10,000 received by the employee under an established written plan which does not discriminate in favor of highly paid employees; </li></ul>
  7. 7. <ul><li>Flowers, fruits, books or other similar items given to employees under special circumstances, e.g. on account of illness, marriage, birth of a baby, etc; </li></ul><ul><li>Daily meal allowance for overtime work not exceeding 25% of the basic minimum wage, and </li></ul><ul><li>Monetized unused vacation leave credits of coop employees not exceeding ten days during the year </li></ul>
  8. 8. <ul><li>Reward team members and remember that money is not the only reward. Try to using personal congratulations, personal notes, increased responsibility or performance based promotions. </li></ul><ul><li>  </li></ul>
  9. 9. <ul><li>You get what you reward. Get the best effort from others not by lighting a fire beneath them but by building a fire within them </li></ul>BETTER THAN MONEY