PEP - "Last drawn fixed monthly salary" definition

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G4tsby
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PEP - "Last drawn fixed monthly salary" definition

Post by G4tsby » Wed, 29 Aug 2012 3:12 pm

Hi,

Could someone please define "Last drawn fixed monthly salary" in this context?

I live in Australia and I have not come accross this particular terminology. Specifically, does this mean my gross salary i.e. including employer Superannuation contribution (9% in Australia) and excluding tax?

Or does it mean the amount that hits my bank account each month i.e. excluding Superannuation (as this gets paid to a separate fund and I can only access this on retirement) and net of tax??

Your help would be appreciated, as I would easily meet the $8k threshold under the first example but fall short under the second scenario i.e. net salary.

I look forward to your response.

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Post by Strong Eagle » Wed, 29 Aug 2012 9:52 pm

Gross amount paid to you before deductions.

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sundaymorningstaple
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Post by sundaymorningstaple » Wed, 29 Aug 2012 11:28 pm

Small Clarification. Basic gross salary before deductions. Does NOT include employers contribution towards super, nor does it include overtime, allowances, etc. Purely your basic monthy salary as quoted in your employment contract.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Post by G4tsby » Thu, 30 Aug 2012 7:25 am

Thanks for your response guys - very helpful.

In case anybody else is confused with salary terms, here is a summary:

Basic salary is salary is before additional benefits (Superannuation, car allowance, bonuses, etc.) and before deductions (e.g. tax).

If you add the additional benefits to basic salary (but not deductions), you get to gross salary.

If you include deductions then you get to nett salary, which would be your 'take home pay' i.e. what hits your bank account each month.


As the guys have clarified above, "last drawn fixed monthly salary" is my basic salary. Fortunately, excluding my monthly mobile phone allowance and my year-end bonus from this calculation still leaves me above SGD$8,000 per month.

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Post by sam007 » Fri, 23 Nov 2012 10:37 am

Another thread was created.
Last edited by sam007 on Fri, 23 Nov 2012 4:46 pm, edited 2 times in total.

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Post by sundaymorningstaple » Fri, 23 Nov 2012 2:58 pm

I believe it was already answered by the lynx in another thread.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Post by colio » Mon, 26 Nov 2012 1:24 pm

Sorry to reignite this thread but it came up on a Google search I did for this exact term. So I understand what Last Drawn Monthly Salary is but what I want to know is this.. all of my salary I have been paid to date have been in other currencies (USD & AUD). So to state my LDMS would I put in the SGD equivalent at the time, or what the equivalent is now?

I'm guessing the former, but just to make sure...

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Post by Callput » Mon, 26 Nov 2012 1:54 pm

I would err on the side of caution. SGD has appreciated against major currencies so your foreign salary now is smaller than what it used to be, so I would use the current exchange rate than historical.

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Post by colio » Wed, 28 Nov 2012 9:15 am

Callput wrote:I would err on the side of caution. SGD has appreciated against major currencies so your foreign salary now is smaller than what it used to be, so I would use the current exchange rate than historical.
Not so.. AUD has appreciated against SGD. If I use your thinking than say 10 years ago, my pay would be higher than what it was as the AUD was close to parity to SGD, now its about 1.28

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Post by noskich » Wed, 28 Nov 2012 9:25 am

I hope G4tsby applied before these changes coming into effect in a couple of days.
$14KSGD monthly is possible in Australia for a solid mid to high level contractor, however it is not that easy to score it.

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