Which component is not considered in the calculation of the thirteenth-month pay?

The calculation of thirteenth-month pay typically focuses on the basic salary that employees receive during the year. This includes income from regular work hours but generally does not account for various additional forms of compensation.

Bonus payments, while they are important components of overall employee compensation, are not included in the thirteenth-month pay calculation. This is because thirteenth-month pay is meant to provide a pro-rata share of an employee's basic salary over the course of the year, rather than to reflect additional earnings that may be paid out separately, such as bonuses.

Overtime pay contributes to an employee's take-home pay but is also generally excluded from thirteenth-month pay, as it is considered additional compensation for hours worked beyond the standard work schedule.

Excluded benefits refer to compensation forms that are not factored into the thirteenth-month calculation, such as allowances for transportation or housing. Understanding the distinction between what is included and excluded is vital for employees and employers when discussing compensation structures.

Thus, the correct answer indicates that bonus payments are part of a broader remuneration system but are not counted towards the calculation of thirteenth-month pay.