How Should Loss of Pay Be Calculated for Monthly Leave: Working Days or Total Days?

If I take 2 days leave per month, should the daily wages calculation be based on the number of working days or total days in a month? If it is based on the number of working days, for example, 26, then the loss of pay will be higher. However, if it is based on the total days in the month, the loss of pay will be less. What is the correct procedure for the loss of pay calculation? Could you kindly help me with the loss of pay calculation?

As per my understanding, it should be based on the number of days in that month, typically 30/31. This is what we follow in our company.

Most companies consider calendar days as the total number of working days. Therefore, the Loss of Pay (LOP) will be calculated based on the daily salary. For example, LOP = 31 days / total salary = daily salary.