Final pay

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Contributing User sophiewu
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Final pay

Hi 

I need advice on the final pay. One employee has worked for us during the past three month.  He has an accrued  30 hours annual leave which is calculated automatically in MYOB. When I choose the final pay, there is the 8% holiday pay. My question is if we pay this holiday pay ,do we need to pay his accrued annual leave hours ? Thanks in advance for your advice.

Sophie

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MYOB Moderator Steven_M
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Re: Final pay

Hi @sophiewu 

 

New Zealand holidays are a tricky thing to get your head around. Basically, when an employee starts they accrue both holiday pay and (estimated) accrued leave hours. After the employee has been working for 12 months, their holiday anniversary occurs and they will receive their annual leave entitlement, the holiday pay and their (estimated) accrued leave hours are also set back to zero during that process to start accruing for another 12 months. 

 

If an employee does leave within the first 12 months of employee you would just be required to pay out the outstanding holiday pay to the employee. The (estimated) accrued leave hours are a calculated value based on the leave that they are accruing through the year if they were going to take annual leave, they are not entitled to that leave until that holiday anniversary update.

Kind regards,
Steven

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Contributing User sophiewu
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Re: Final pay

Hi Steven,

Thank you so much for your reply. It helped me a lot!

Kind regards

Sophie

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