As a business owner, it is a primary responsibility to provide your employees what they’re entitled to; because, as your workers, they are the foundation and strength of your revenues.
So, fair amount of benefits is just one-way of giving back to assure that you will retain them.
Well, there are different forms of compensation, benefits, and mandatory individual contributions set by the government aside from the basic salary.
Under the Department of Labor and Employment’s (DOLE) Labor Code, the government shall make sure that the work-force is well compensated in exchange of their efforts and hard work here in the Philippines. This also serves as guide for business to what rules they should follow and comply with as well as regulations they are bound to accomplish.
For smaller employers, their capabilities are limited to offering a few components in the employee benefits package – and sometimes, no benefits at all.
While, majority of large companies and virtually all public sector government employers provide an extensive employee benefits package.
In this time, where contractualization is rampant, it is a must for all employees to be aware of their right and privilege as productive members of the society.
This is their way of making sure that they are being taken care of and that their welfare matters for their respective companies.
It is also a way as to avoid instances of unfair or under-compensated employment which has been experienced by many Filipinos.
Health insurance, for the longest time has been the foundation and top-most priority for employees. And aside from the 13th month pay, Retirement pay, Overtime pay, Maternity and Paternity leave, Special leave for women benefits which are usual to most companies, there are also some Mandatory Government Benefits and Contributions that are automatically deducted from regular employees based on their salary along with different benefits:
Social Security System (SSS)
This covers compensation for: medical services, appliances, and supplies in an accredited hospital; rehabilitation services, including medical, surgical, and hospital treatment; and income cash benefit
This has been very important and beneficial in times of Illnesses or injury resulting in disability or death. That’s why it has been included as necessary to all workers and must be ensured by their employers and bosses.
This also serves as assistance in case of sudden accidents.
PAG-IBIG benefits
Pag-ibig has been an aide to many Filipinos when talking about Housing loans, calamity loan. This is also where employees and their families depend for support by means of multipurpose loan which serves as financial assistance for other needs.
PhilHealth benefits
While this financial assistance is helpful for inpatient and outpatient hospitalization, as well as benefit Packages for patients undergoing prolonged hospitalization and expensive treatments and suffering from Millennium Development Goal (MDG)-related illnesses.
Diseases and illnesses, though, some are treatable and preventable, it is inevitable. So, it is really necessary to be prepared as early as one can.
Considering that health is very important for all workers for it cover their capabilities and all their skills, it is really important to have these kinds of insurance especially when unexpected instances occur.
These are just some components of a benefits package which is very important for employers and employees to understand and always be mindful of. Because aside from the wages one can earn, his/her welfare and safety is also one that must be secured.
