DepEd announces P18,000 SRI 2023 for employees

DepEd announces P18,000 SRI 2023 for employees

In a recent development, several officials from the Department of Education (DepEd) Central and Regional Offices have officially confirmed that the Special Release of Information (SRI) for 2023 will amount to P18,000 per DepEd employee. This information comes from a reliable source within the department.

A copy of the message circulating on social media has been obtained and reveals the following key points:

Good afternoon, RDs.
1. I have already signed all SubAROs — they will be sent to your emails within the hour;
2. Once received, kindly process na your respective requests for NCA from your regional DBM counterparts;
3. DBM has been given a heads up that we will issue SubAROs today and that you will be requesting for your respective NCAs;
4. We may start distribution once you receive the NCA.
5. 18k to be given in Cash

DepEd officials urge employees to stay updated and report any issues promptly. Undersecretary Poa made this announcement said post.

 Is SRI taxable? 

Yes, all compensation and benefits we receive are considered part of "Taxable income," which calculates the amount of tax an individual owes to the government in a specific tax year.

Income tax is typically computed after determining gross or adjusted gross income, which is the income minus any deductions or exemptions allowed in that tax year. Adjustments may be made before the final Income Tax Return (ITR) report is submitted to the Bureau of Internal Revenue (BIR). If there is an excess in withholding tax, the agency will refund it to you, and if there is a shortfall, you will need to make an additional payment.

How much is the tax for SRI 2023?

It was stated in the guidelines released by the DBM that the SRI would be subjected to 25 to 30 percent based on the Tax Reform for Acceleration and Inclusion (TRAIN).

The release and payment of SRI is subject to tax over and above the P90,000.00 threshold for bonuses, fringe benefits, de minimis benefits, and other benefits.

READ: DBM Guidelines on the Grant of SRI 2023

This news brings relief and anticipation for DepEd employees eagerly awaiting the SRI 2023. Stay tuned for further updates on this important development.