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Employee Benefits in the Philippines

  • January 2015
  • -
  • Timetric
  • -
  • 64 pages

Synopsis
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.

Summary
The report provides in-depth industry analysis, information and insights into employee benefits in the Philippines, including:

- An overview of state and compulsory benefits in the Philippines

- Detailed information about private benefits in the Philippines

- Insights into various central institutions responsible for the administration of the different branches of social security

- The regulatory framework of employee benefits in the Philippines

Scope
This report provides a detailed analysis of employee benefits in the 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 benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen’s compensation, maternity and paternity benefits, unemployment, overtime pay, leave and holidays, consolidated loans, emergency loans and private benefits.

- It highlights the economic and regulatory situations relating to employee benefits in the Philippines.

Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in the Philippines.

- Assess the Philippines’ employee benefits market, including state and compulsory benefits and private benefits.

- Gain insights into the key employee benefit schemes offered by private employers in the Philippines.

- Gain insights into key organizations governing the Philippines’ employee benefits, and their impact on companies.

Key Highlights
- The National Economic Development Authority – Social Development Committee (NEDA-SDC) defines social protection as “policies and programs that seek to reduce poverty and vulnerability to risks and enhance the social status and rights of the marginalized by promoting and protecting livelihood and employment, protecting against hazards and sudden loss of income, and improving people’s capacity to manage risks”.

- Social protection in the Philippines focused first on formal sector employees. 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.

- The voluntary occupational plans provided by employers in the Philippines are normally based on the individuals’ final salary. The amount of benefits depends on the employees’ length of service.

Table Of Contents

Employee Benefits in the Philippines
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 the 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 Benefits
6.5.4 Typical employer practice
6.5.5 Employee and employer contributions
6.6 Workmen's Compensation
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 Unemployment
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.9 Overtime Pay
6.9.1 Introduction
6.9.2 Rate of payment of overtime benefit
6.1 Leave and Holidays
6.10.1 Regular holidays
6.10.2 Special holidays
6.10.3 Weekly rest days
6.11 Consolidated Loans
6.12 Emergency Loans
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Sickness Benefit
7.5 Medical Benefits
7.6 Workmen's Compensation
7.7 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sector
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-PHP
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.1.10 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Philippines - Country Statistics, 2012-2014
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: Philippine Unemployment Benefits - Duration of Benefits
Table 14: Philippine Separation Benefits - Duration of Benefits
Table 15: The Philippines - Regular Holidays
Table 16: The Philippines - Special Holidays
Table 17: Philippine Consolidated Loans - Calculation of Loan Amounts

List of Figures
Figure 1: Major Institutions of the Social Security System in the Philippines
Figure 2: Philippine GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Philippine GDP per Capita at Constant Prices (US$), 2008-2012
Figure 4: Philippine GDP at Current Prices (US$ Billion) 2008-2012
Figure 5: Philippine GDP per Capita at Current Prices (US$), 2008-2012
Figure 6: Philippine GDP by Key Sector (%), 2008-2012
Figure 7: Philippine Inflation Rate (%), 2008-2013
Figure 8: Philippine Annual Average Exchange Rate US$-PHP, 2008-2012
Figure 9: Philippine Unemployment Rate (%), 2008-2012
Figure 10: Philippine Household Consumption Expenditure (US$ Billion), 2008-2012
Figure 11: Philippine Gross National Disposable Income (US$ Billion), 2008-2012
Figure 12: Philippine Total Population (Million), 2008-2012
Figure 13: Philippine Size of Labor Force (Million), 2008-2012
Figure 14: Philippine Urban and Rural Populations (%), 2008-2012

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