A lot of employees may take it for granted, but companies in the Philippines are compelled by law to invest in their health and future.
Take SSS, for example: out of the monthly contribution rate which is 11% of the monthly salary, Philippine employers are required to pay 7.37%, while the employee only pays 3.63%. At retirement (usually around 60 years old), the employee will get the highest amount based from any of the three computations below:
1. The sum of P300, plus 20 percent of the average monthly salary credit, plus two percent of the average monthly salary credit for each credited year of service (CYS) in excess of ten years; or
2. forty (40) percent of the average monthly salary credit; or
3. P1,200, if the CYS is at least 10 but less than 20; or P2,400, if the CYS is 20 or more.
That’s not a bad pension figure, after twenty years of working. (And note this: retired professionals also get a 13th month pension, just like any regular Filipino employee!)
But an employee doesn’t need to retire to enjoy the benefits that the government demands the employers to secure for their employees. A sick employee or their dependent can immediately take advantage of Philhealth’s coverage, which can include subsidies for hospital room and board fees, drugs and medicines, laboratory exams, and professional fees.
Likewise, anyone who’s dreaming of owning their dream home can apply for a loan with Pag-Ibig. That doesn’t just mean getting the government institution to help you buy a condo or townhouse—but also a fully developed residential lot (and yes, even finance the construction of a house from ground up.)
What’s good for employees is that, should they decide to concern themselves about these matters, they can always run to their companies’ Human Resources personnel to assist them with these things.
But how about those who opt to go the freelancing route?
What paperwork do they need to file, to make sure they are also investing in their future? Do they get the same coverage as a regular employee? Are the fees different for self-employed professionals?
“According to the Department of Science and Technology, there are already 1.5 million freelance professionals in the country—and more than 700,000 of those freelancers are registered online on our global online jobs platform Freelancer.com,” says Evan Tan, Regional Director for Southeast Asia of Freelancer.com. “We need to educate these professionals that their untraditional work setups do not hinder them from enjoying the same opportunities and benefits as regular employees.”
To help freelancers understand SSS, Philhealth, and Pag-ibig memberships and coverage more comprehensively, Freelancer.com, together with premier workshops organizer Manila Workshops, has organized the Talino Talks event entitled, “Philhealth, Pag-Ibig, & SSS for Freelancers—Explained”.
Featured in the event is Dandy Victa, the founder of Manila Civil Service Review, author of “Work-at-Home Entrepreneurship: A Practical Guide for Filipinos with Disabilities”., and a Master of Entrepreneurship and Innovation degree holder at Swinburne University of Technology in Melbourne, Victoria, Australia.
The event is happening on March 19, 2016, Saturday, 1 pm, at the Freelancer.com office, 30th floor, Ecotower Building, 32nd cor 9th Avenue, Bonifacio Global City, Taguig.