Page 170 - ADMINISTRATIVE MANUAL

170

ISABELA STATE UNIVERSITY

IMPLEMENTING RULES & REGULATIONS FOR THE MONETIZATION OF LEAVE
CREDITS

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In accordance with and by virtue of Rule XVI, Section 22, 23, and 24, Omnibus Rules
Implementing Book V of Executive Order No. 292 and Memorandum Circular No.. 08series
of 2003, the following rules and regulations are hereby adopted and promulgated for the
implementation of Monetization of Leave Credits, thus:

RULE I
TITLE AND POLICIES

SECTION 1. Title – This IRR shall be known and cited as the “University Implementing
Rules and Regulations for the Monetization of Leave Credits (IRRM)”.

SECTION 2. Policies – It is the declared policy of the State to protect and promote the right
health of the people and to instill health and health consciousness among them. Relative
thereto, with emphasis to the public sector in this jurisdiction, the State further affirms labor
as a primary social economic force. Finally, It shall protect the rights of workers and promote
their welfare.

Towards this end, the University Management hereby establishes the implementing rules
and regulations of the abovementioned benefits, in order to:
1) To facilitate its implementation;
2) To provide system in the procedure of application; and
3) To provide order of prioritization in the granting of said benefits.

RULE II
COVERAGE

Section 3. Coverage – This IRRM shall apply and cover all faculty and staff, whether of
permanent, temporary, casual or conterminous appointment, of the Isabela State University
System, who have accumulated fifteen (15) days of vacation leave credits shall be allowed
to monetize a minimum of ten (10) days: Provided, that a maximum of thirty (30) days may
be monetized in a given year, subject to the availability of funds.

Service credits may also be applied for monetization, provided, however, that the same shall
be converted first into vacation-sick leave credits in accordance with the conversion rate and
procedure of service prescribed under CSC Memorandum Circular No. 9, series of 1998.

RULE III
DEFINITION OF TERMS

SECTION 4. Definition of Terms – Whenever used in the IRRM, the following words or
phrases shall mean or refer, thus:

1) Monetization – refers to payment in advance under prescribed limits and subject to
specifies terms and conditions of the money value of leave credits of an employee
upon his/her request without actually going on leave.