CSC MEMORANDUM CIRCULAR NO. 31

: Government officials and employees in the career or non-career service, whether permanent, temporary, provisional, or casual, are eligible to apply for monetization of leave credits.
: A maximum of ten (10) days leave credits may be monetized.
: The prescribed leave form CSC Form No. 6, revised 1984, must be used for the application.
: No inclusive dates should be indicated in item No. 6(c) of CSC Form No. 6. Instead, the number of days applied for should be indicated.
: The Head of the office concerned must approve the application for monetization.
: The formula is: Monthly Salary ÷ 22 (average working days per month) × 10 days = Money value of the monetized leave credits.
: The divisor 22 represents the average number of working days per month.
: No, monetization of leave credits is exempted from income tax.
: It was adopted on July 23, 1991.
: It is pursuant to Joint CSC-DBM Memorandum Circular No.1, series of 1991.