Leave Calculations vs. Severance Calculations

Time and Place
Start Time:Tuesday, May 7, 2019 9:00 AM
End Time:Tuesday, May 7, 2019 4:00 PM
Held By:Barbados Employers' Confederation
Location:Barbados Employers Confederation
Regular Admission:$500.00 Early Bird / $500.00 Late Bird (Members)
 $600.00 Early Bird / $600.00 Late Bird (Non-members)
 

Description

LEAVE CALCULATIONS vs. SEVERANCE CALCULATIONS

When employees leave a business, employers must ensure that final payments are completed accurately. This includes calculating leave entitlements and ensuring all statutory deductions are applied correctly. Additionally, the Severance Payment Act requires an employer to compensate an employee who is dismissed because of redundancy, once the prescribed conditions are met.

During this session, specific emphasis will be placed on the calculations for terminated employees including accurately calculating severance and completion of severance rebate forms.

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Participants will Learn:

• Understanding the Severance Payment and Holiday with Pay Acts

• Calculating average earnings

• Differentiate between Actual earnings vs NIS insurable earnings

• The impact of sick leave on termination

• How to calculate holiday pay and the relevant deductions

• When to apply NIS and PAYE deductions

• Eligibility for full pension

• What are the elements of final pay and relevant deductions

• Calculating severance

• Completing severance rebate forms

 

Methodology:

This training will be a very practical session with power point presentations, question and answer sessions, worked examples and template reviews.

 

Who Should Attend:

• Human Resource Professionals

• Finance and Accounting Professionals

• Administrative Professionals

• Business Owners

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Additional Notes:
Registration Policy:

1. Should the BEC cancel the session, a full refund will be granted to all registrants.

2. All cancellations must be made in writing to the BEC within two business days prior to the training in order to receive a full refund.

3. Cancellations made within one business day prior to the session (the day before), 50% of the registration fee will be refunded.

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