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LOP stands for Loss of Pay and LWP stands for Leave Without Pay. They are essentially the same thing. LOP or LWP occurs when employees do not have enough leave balance but still want to take leaves. In this case, they do not receive salary for those days. To calculate LOP, you can use the formula: Per day salary = Gross monthly salary / Total working days in a month. Then, Loss of pay = Per day salary x LOP days. For example, if gross salary is $26,000 and LOP is 10 days, the loss of pay would be $10,000.