For those who are earning a fixed amount every month, how do you compute for your daily wages?
I follow this formula:
[(monthly salary x 12 months) / 365 days]
Whereas, your monthly salary is multiplied by 12 (the total number of months in a year) then the result is divided by 365 (the total number of days in a year; days off considered to be paid).
You, who do you compute yours?
Josef Carlo says:
365 should not be the divisor. The common divisors in computing for your daily wage are 260, 261 and 262 (depending on the number of holidays). Computing daily wages are important for fixed income earners because this where payroll computes for their OT and night differential.
Having 365 as the divisor is totally wrong. You cannot consider a day off as paid. When you consider that you only work for 22 to 24 days per month, having 365 as the divisor is absurd.