[Blueboard] Correction in our Budget Guidelines for FY 2006-2007

Treasurer's Office ovpft at admu.edu.ph
Tue Nov 29 15:08:21 PHT 2005


November 28, 2005

 

 

MEMO TO:   All Budget Administrators

 

FROM       :   Vice President for Finance and Treasurer

 

SUBJECT :    Correction in our Budget Guidelines for  FY 2006-2007

________________________________________________________________________

 

 

            Please provide for a 25% allocation for Employee Benefits in your budget requests for FY 2006-2007.  The previous years' 20% allocation will not be enough to cover the projected increase in cost of the various components of our employee benefits particularly the University's Contribution to CEAP, the Group Health Insurance, the Employer's share in Philhealth Contributions, and the Contribution to the Retirement Fund.  The Retirement Fund contribution has the biggest impact due to our need to comply with the International Accounting Standards No. 19 (IAS 19) which among others requires us to accelerate the payment of our past service liability.  

 

The above change in provision is already reflected in our Budget Guidelines - please visit our website http://www.ateneo.edu/internal/budget 

 

            Thank you.

 

 

 

 

                                                            

                                                                        JOSE M. SANTOS

 
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