Philippines Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefi
Description
Philippines Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2023 Update
Summary
The report provides in-depth industry analysis, information, and insights of the employee benefits in the Philippines, including an overview of the state and compulsory benefits in the Philippines, detailed information about the private benefits in the 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 the Philippines.
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 country has a long way to go in terms of providing full social entitlement to all citizens. Furthermore, the distribution of benefits is unbalanced, and only a small proportion of the population benefits.
Key Highlights
- The Social Security System (SSS) and Department of Social Welfare and Development (DSWD) are responsible for the functioning of the overall social security system.
- A person’s national insurance contribution is determined based on their income.
- An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to a credited contribution.
- In the Philippines, employers provide voluntary retirement benefits to their employees through a small basic pension scheme and earnings-related Social Security System.
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, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, unemployment benefit, consolidated loans, Emergency loans, leaves and holidays and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in the Philippines
- Make strategic decisions using in-depth information related to employee benefits in the country
- Assess employee benefits of the market, including state and compulsory benefits and private benefits
- Gain insights into the key employee benefit schemes offered by private employers in the country
- Gain insights into key organizations governing employee benefits market, and their impact on companies
Table of Contents
48 Pages
- 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
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
- 6.2 Death in Service
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
- 6.3 Long-Term Disability Benefits
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
- 6.4 Short-Term Sickness Benefits
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
- 6.5 Medical Benefits
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
- 6.6 Workers’ Compensation insurance
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
- 6.7 Maternity and Paternity Benefits
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
- 6.8 Other Benefits
- Unemployment benefits
- Consolidated Loans
- Emergency Loans
- Leaves and Holidays
- 7. Private Benefits
- 7.1 Retirement Benefits
- 7.2 Death Benefits
- 7.3 Disability Benefits
- 7.4 Medical Benefits
- 7.5 Accidental Death and Dismemberment Benefits
- 7.6 Other Benefits
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Insurance Industry Definitions
- Table 2: the Philippines - Country Statistics, 2021
- Table 3: The Philippines - Workers’ Compensation - Payment Options Under ECP
- Table 4: The Philippines - Worker Injury Benefits - Employer Contribution Rates
- Table 5: The Philippines - Unemployment Benefits - Duration of Benefits
- Table 6: The Philippines - Separation Benefits - Duration of Benefits
- Table 7: The Philippines - Consolidated Loans - Calculation of Loans
- Table 8: The Philippines - Regular Holidays 2023
- Table 9: The Philippines - Special Holidays 2023
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