What are your Monetary Benefits as an Employee?
On the recent developments in Labor Laws and Regulations in the Philippines a new comprehensive list of statutory monetary benefits for workers / employees has been released. Because of this, the Department of Labor and Employment (DOLE) is on the process of reviewing all existing companies and contractors in the Philippines and taking proper actions to protect worker rights and benefits and to educate employers on their responsibilities.
Due to contractualization in the Philippines, a lot of these benefits are being deprived to a lot of contractual workers. This also gives employees no entitlement for work tenure, security and assurance from their employers. That’s why in our current government, several amendments on our Labor Laws has been passed to protect our worker rights and to penalize those companies and contractors that have been abusing the labor force for a very long time.
The following are the statutory monetary benefits for employees based on the Philippine Labor Laws. These are the basic employee benefits. Depending on the company you are working for, additional benefits may be also provided on top of them.
- Minimum Wage – varies per region
- Holiday pay
- Premium pay
- Overtime pay
- Night shift differential pay
- Service charges
- Service incentive leave
- Maternity leave
- Paternity leave
- Parental leave
- Leave for VAWC (Violence Against Women and their Children)
- Special leave for women
- 13th month
- Separation pay
- Retirement pay
- ECP benefits (Employees’ Compensation Program)
- PhilHealth benefits
- SSS benefits
- Pag-IBIG benefits
Did you know that there are varying minimum wage computations per region based on the Wage Orders from the Labor Code of the Philippines? And for those who don’t have an idea on minimum wage earners, they are exempted from income taxes as well as their other additional incomes such as holiday pay, overtime pay, night shift differential pay and hazard pay.