Summary
The Philippines is seen as one of Asia’s most socially progressive countries, because of its commitment to providing citizens with secured livelihoods; the Philippine constitution guarantees individuals complete social, economic and cultural rights. Female employees and the primary labor force are granted special rights. However, the county has a long way to go in terms of providing full social entitlement to all citizens. Furthermore, distribution of benefits is unbalanced, and only a small proportion of the population benefits.
The report provides in-depth industry analysis, information and insights of the employee benefits in Philippines, including: overview of the state and compulsory benefits in Philippines, detailed information about the private benefits in Philippines, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Philippines.
Key Highlights
- Social security in the Philippines is based on the Social Security Act of 1997.
- The Philippine social security system covers old age, disability, death, sickness and maternity.
- Social welfare schemes are targeted at the needy population, and aim primarily to provide these individuals with cash benefits and benefits in kind to ease poverty and make them less vulnerable to risk.
- Voluntary occupational plans provided by employers in the Philippines are normally based on individuals’ final salaries.
Scope
- This report provides a detailed analysis of employee benefits in Philippines.
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Philippines.
Reasons to buy
- Make strategic decisions using in-depth information related to employee benefits in Philippines.
- Assess Philippine employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Philippines.
- Gain insights into key organizations governing Philippine employee benefits, and their impact on companies.
'
Table of Contents
1 EXECUTIVE SUMMARY
2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions
3 COUNTRY STATISTICS
4 OVERVIEW OF EMPLOYEE BENEFITS IN PHILIPPINES
5 REGULATIONS
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of Retirement Plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Typical employer practice
6.3.6 Employee and employer contributions
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Typical employer practice
6.4.6 Employee and employer contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefit
6.5.4 Typical employer practice
6.5.5 Employee and employer contributions
6.6 Workmen’s Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.8 Overtime Pay
6.8.1 Introduction
6.8.2 Rate of payment of overtime benefit
6.9 Leave and Holidays
6.9.1 Regular holidays
6.9.2 Special holidays
6.9.3 Weekly rest days
6.1 Consolidated Loans
6.10.1 Introduction
6.11 Emergency Loans
6.12 Unemployment Benefits
6.12.1 Introduction
6.12.2 Eligibility
6.12.3 Benefits
6.12.4 Payment options
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Sickness Benefits
7.5 Medical and Health Benefits
7.6 Workmen’s Compensation
7.7 Other Benefits
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: The Philippines - Country Statistics
Table 3: Philippine Retirement Benefits Under RA No. 660 - The Magic 87 Formula
Table 4: Philippine Retirement Benefits - Calculation of Gratuity Months
Table 5: Philippine Retirement Benefits - SSS Scheme Contribution Rates
Table 6: Philippine Retirement Benefits - GSIS Scheme Contribution Rates
Table 7: Philippine Death-in-Service Benefits - Minimum Monthly Pension
Table 8: Philippine Disability Benefits - PTD Benefits
Table 9: Philippine Medical Benefits - Contribution Rates
Table 10: Philippine Workmen’s Compensation - Payment Options Under SSS
Table 11: Philippine ECP - Payment Options Under GSIS
Table 12: Philippine Work Injury Benefits - Employer Contribution Rates
Table 13: The Philippines - Regular Holidays
Table 14: The Philippines - Regular Holidays
Table 15: Philippine Consolidated Loans - Calculation of Loan Amounts
Table 16: Philippine Unemployment Benefits - Duration of Benefits
Table 17: Philippine Separation Benefits - Duration of Benefits
List of Figures
Figure 1: Philippines - Main Institutions of Social Security System
