The lowdown on that (sometimes elusive) 13th cheque

Cathie Webb of SA Payroll Association talks to CapeTalk's Kieno Kammies about things to be cognisant of when it comes to that 13th cheque at the end of the year.

Webb says the first rule of thumb is don't spend it until you are certain it's in your bank account.

People don't fully understand weather their company gives a bonus or a 13th cheque and the two terms are often used (interchangeably).

Cathie Webb, director SA Payroll Association

A bonus, however, is something you are given if your company has performed well, and is calculated according to certain criteria.

A 13th cheque might not mean that you get double the money in your bank account on the 15 December.

Cathie Webb, director SA Payroll Association

These amounts are taxed and the more you earn the more tax you pay.

Webb explains how the 13th cheque can push you into a higher tax bracket and you will then pay more tax.

Listen to Cathie Webb explain the ins and outs of bonuses and 13th cheques below:

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