29 September 2015 at 14:55
Hi I am not sure if this is relevant to you but I would want to know how leave payment is calculated.
I work 5 days a week from 8-5 and entitled to 20 days annual.
My Gross is 15800, and I have 16.85 leave days. If I were to resign how much will be payable?
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29 September 2015 at 19:07
Your leave payment will be added to your final salary and taxed at the same rate.
Based on the details you supplied, your leave payout will be approximately R12,325 (R15,800 / 21.6 X 16,85) which would be taxed at your marginal rate of 26%. You would therefore net approximately R9,120 leave pay in addition to your final salary.
Please note this is an approximate calculation and it would be best to check with your HR to find out exactly how they calculate your cost to company and leave payout.