5. Benefits – increase the economic security of
employees and improve satisfaction and
therefore retention in the company
-employees of a company generally share the
same basic benefit package although may vary
depending on an employee’s position or length of
service
6.
7. SSS
-Social Security System
-created to provide private employees and their
families protection against sickness, disability,
and death
-when an employee gets sick, SSS will reimburse
him with his equivalent daily salary multiplied by
the number of days absent
-when a female member gives birth, SSS gives
her two (2) months worth of salary to
compensate for the time she will be off from
work
8. SSS
-serves as a pension plan for its members, as SSS
returns the 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 the monthly
contribution is deducted from an employee’s salary,
while 70% is subsidized by the employer
9. GSIS
-the Government Service Insurance System
-for government employees
-mandated to provide and administer the
following social security benefits for
government employees: compulsory life
insurance, optional life insurance,
retirement benefits, disability benefits for
work-related contingencies and death
benefits.
10. PhilHealth
-Philippine Health Insurance Corporation
-administered by the Philippine National
Health Corporation, which is designed to
provide employees with a practical means
of paying for adequate medical care in the
Philippines
-members are given health and
hospitalization subsidies should they or a
dependent be hospitalized
12. PhilHealth
-monthly contributions are based on actual
employee monthly salaries and the amount
of employee contribution is matched
equally by the employer
13.
14.
15.
16. 13th Month Pay
-all Filipino employees are entitled to a year-end bonus
equivalent to 1 month salary, regardless of the nature
of their employment
-the 13th month pay is given no later than Dec. 24 of
every year a worker is employed
-1/2 of the required 13th month pay may be released
before the opening of the regular school year
-13th month pay = total basic salary earned for the year
(exclusive of overtime, holiday, and night shift
differential pay) divided by 12
17. Paternity Leave
-all legally married male employees are eligible for 7
working days up to 4 child births or miscarriage of
legitimate spouse to be availed within 60 days from
delivery / miscarriage
18. Solo Parent Leave
-7 working days parental leave for solo parents who are
certified by the Department of Social Welfare and
Development - DSWD
19. Service Incentive Leave
-an employee who has worked for at least one year in a
company is entitled to 5 days leave of absence, with
pay, every year
-if the employee does not avail of these paid leaves, the
company may opt to have them do a mandatory leave
of absence, with pay, or convert these unavailed paid
leaves to their cash equivalents, to be given at the end
of each year
20.
21. Leaves (vacation, sick, emergency)
-on top of the mandated service incentive leave, some
companies give their employees additional paid holiday
and vacation leaves
-the number of days allocated for these leaves usually
varies from company to company and might depend on
the number of years the employee has been of service
to the company
23. Bonuses – (Quarterly, Mid-year)
-Holiday/Christmas Bonus-Given in December, this is on
top of the 12th month pay and is considered as the
company’s Christmas gift to its employees
-Mid-year bonus is given in June, when the school year
starts, to assist employees in school enrollment fees for
their children
24. Allowances (meal, transportation)
-some companies provide their employees with yearly
rice, medicine, and clothing allowances
Offsetting and Undertime
Loans (Financial, Car, or Housing Loan)
25. De Minimis Benefits
-relatively small values given by employers to their
employee on top of compensation
-not subject to withholding tax
-10 days monetized unused vacation leave credits
-medical cash allowance to dependents of employees not
exceeding P750 per semester or P125 per month
-rice subsidy of P1,500 or one sack of rice per month
-uniforms and clothing allowance not exceeding P5000 per
year
-medical benefits not exceeding P10,000
-laundry allowance of P300 per month
26. De Minimis Benefits
-employee achievement awards in the form of tangible
personal property other than cash or gift certificate, with an
annual monetary value not more than P10,000
-flowers, fruits, books, or similar items given to employees
under special circumstances, for example, on account of
illness, marriage, birth of baby, etc.
-daily meal allowance for overtime work not exceeding 25%
of the basic minimum wage