QuestionsQuestions (BUDGET CIRCULAR NO. 2002-1, JANUARY 14, 2002)
It prescribes the guidelines on the computation and funding of Terminal Leave Benefits (TLB) and Monetization of Leave Credits (MLC) of government officials and employees.
It should be used only in determining the daily wage rate of the monthly rates contained in the Salary Schedule.
Civil Service Commission Memorandum Circular (MC) No. 14, s. 1999.
TLB = S × D × CF.
S represents the highest monthly salary received.
D represents the number of accumulated vacation and sick leave credits.
CF is the constant factor and its value is 0.0478087.
It derived CF from: (Number of months in a year) × 365 ÷ (No. of days in a year minus Saturdays, Sundays, and legal holidays), resulting in 0.0478087.
20.91667 days.
It states that monetization of leave credits shall be computed in accordance with the above formula (the same TLB formula).
It shall be charged against the lump-sum appropriation for TLB in the agency budget.
Any deficiency shall be charged against savings.
The full requirement for TLB as computed under the circular shall be provided for in the General Appropriations Act.
It shall be charged against their respective corporate and local funds appropriated for TLB.
Funding for any deficiency shall be charged against their respective savings.
The requirement for TLB under the circular shall be fully provided for in their respective budgets.
Funding for MLC shall be charged solely from savings of the entity concerned.
The Head of the entity concerned is held personally liable for any payment not in accordance with the provisions.
No. The circular states that this is without prejudice to the refund of any excess payment by the employee concerned.
It takes effect January 1, 2002.