When was the last time you actually examined your payslip? Are you the type who just see how much is your net pay so as to account how you're gonna spend it? Or are you the type who scrutinize up to the last centavo?
I am an accountant by profession, and because of the training we had in school and at the actual workplace, I do practice examining my income statement (hehe). Right now, I receive my salary once a month. Quite taxing as far as budgeting is concerned believe me. Our payslip's are usually available the day after payout. When its available for viewing, I immediately review why I got this amount for the month considering I know how much I should be receiving (atleast an estimate).
So why is it important to review your payslips?
Aside from seeing how much you've earned for the month, you will be aware of any errors with your deductions and additional income. I have experienced a couple of erroneous deductions already, some of which really irritated me because I have continuously informed the concerned department. For example, HMO deduction for my dependents. During my first year, I have enrolled both of my parents as dependents. The next year I decided to stop the contribution for it. My father then needed to see a doctor and decided to use the healthcard but they were declined to do so because they were not on the list (which is correct since I have not re-enrolled them). This incident was the reason why I found out that for 6 months, I was still being deducted the same amount for the HMO. So I immediately informed the HR to make adjustments on this. The deduction amounted to an amount that could already pay for an out of town weekend vacation.
If that amount was not deducted to my salary, I could have placed it in my savings account and earned interest on it. Time Value of money wasted.
Recently, I have encountered another issue with my deduction. This time, its missing. I availed of the SSS Personal Loan (hey, it's your benefit, use it! ). Procedure requires you to forward copy of the voucher to the HR for deduction purposes. Upon receipt of the voucher, I immediately sent the copy to the HR. I was expecting that after 3 months, deductions will start showing up on my payslip. But I have not seen any deduction related to SSS. I then asked a colleague how long before the deduction showed up on their salaries as they have availed the same loan. Deductions did show after 3 months, I on the other hand had not been deducted for 2 months already! My colleague then informed me that there could be surcharges applied if I did not pay in time. Imagine the horror of paying a penalty if I had not seen and reported this on time.
From now on, I suggest you atleast glance on your monthly slips. Who knows, you got a bonus without even knowing :D It did happen to me once with my first work. I got a raise but I was not informed before hand. So I thought there was an error and I will need to return it.
When did you last made silip to your payslip?
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