Employee Benefits in the Philippines
Employee benefits in the Philippines
Posted March 8, 2010 in Employer Tips, Philippines by EasyOutsource Support
On my previous post, I discussed the average salaries of traditional jobs in the Philippines. I also mentioned on that post that those figures don’t include other benefits that companies offer on top of the regular salaries employees receive.
So what are the benefits that are required by the Philippine government to be given to working Filipinos? To give a short run down, the following are government-mandated benefits: Social Security System (SSS) contributions, Philippine Health Insurance (PhilHealth) contributions, Home Development Mutual Fund (Pag-ibig Fund) contributions, 13th month pay, service incentive leave, meal and rest periods, overtime pay, special holiday/rest day rates, and night shift differentials. Other more common benefits that are not mandated but are given by a lot of companies are: holiday bonus, mid-year bonus, and paid holiday and vacation leaves.
Social Security Sytem (SSS) – The Social Security System was created by the Philippine government. All employees hired by private companies are required to become an SSS member (Republic Act No. 8282). This system aims to protect its members for when they are unable to work such as sickness, disability, maternity, old age and death, or other such contingencies not stated but will result in loss of income or results to a financial burden. When an employee gets sick, SSS will reimburse them with their equivalent daily salary multiplied by the number of days absent. When a female member gives birth, SSS gives the employee 2 months worth of salary to compensate for the time she will be off from work due to childbirth. The SSS also serves as a pension plan for its members as SSS returns members’ monthly contributions after they retire from work.The amount of SSS monthly contribution is determined from the actual monthly salary an employee receives. 30% of total monthly
Posted March 8, 2010 in Employer Tips, Philippines by EasyOutsource Support
On my previous post, I discussed the average salaries of traditional jobs in the Philippines. I also mentioned on that post that those figures don’t include other benefits that companies offer on top of the regular salaries employees receive.
So what are the benefits that are required by the Philippine government to be given to working Filipinos? To give a short run down, the following are government-mandated benefits: Social Security System (SSS) contributions, Philippine Health Insurance (PhilHealth) contributions, Home Development Mutual Fund (Pag-ibig Fund) contributions, 13th month pay, service incentive leave, meal and rest periods, overtime pay, special holiday/rest day rates, and night shift differentials. Other more common benefits that are not mandated but are given by a lot of companies are: holiday bonus, mid-year bonus, and paid holiday and vacation leaves.
Social Security Sytem (SSS) – The Social Security System was created by the Philippine government. All employees hired by private companies are required to become an SSS member (Republic Act No. 8282). This system aims to protect its members for when they are unable to work such as sickness, disability, maternity, old age and death, or other such contingencies not stated but will result in loss of income or results to a financial burden. When an employee gets sick, SSS will reimburse them with their equivalent daily salary multiplied by the number of days absent. When a female member gives birth, SSS gives the employee 2 months worth of salary to compensate for the time she will be off from work due to childbirth. The SSS also serves as a pension plan for its members as SSS returns members’ monthly contributions after they retire from work.The amount of SSS monthly contribution is determined from the actual monthly salary an employee receives. 30% of total monthly