Employee Benefits in the Philippines 2021
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Employee Benefits in the Philippines 2021
Summary
The Philippines is seen as one of Asias 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 labour 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.
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.
Key Highlights
- The Philippine social security system covers employees against old age, disability, death, sickness, and maternity. Private employees are covered under the SSS and those working in the public sector are covered under the GSIS. Under the SSS there are two types of program: the social security program and the employee compensation program.
- The NHIP provides health insurance to members and their dependents. PhilHealth is responsible for the administration of the mandatory medical coverage under the National Health Insurance Act of 1995.
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, long-term disability benefits, medical benefits, workmens compensation insurance, maternity and paternity benefits, family benefits, unemployment, leaves and holidays 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 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
Summary
The Philippines is seen as one of Asias 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 labour 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.
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.
Key Highlights
- The Philippine social security system covers employees against old age, disability, death, sickness, and maternity. Private employees are covered under the SSS and those working in the public sector are covered under the GSIS. Under the SSS there are two types of program: the social security program and the employee compensation program.
- The NHIP provides health insurance to members and their dependents. PhilHealth is responsible for the administration of the mandatory medical coverage under the National Health Insurance Act of 1995.
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, long-term disability benefits, medical benefits, workmens compensation insurance, maternity and paternity benefits, family benefits, unemployment, leaves and holidays 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 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
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
6.2 Death in Service
6.3 Long-Term Disability Benefits
6.4 Short-Term Sickness Benefits
6.5 Medical Benefits
6.6 Workers Compensation insurance
6.7 Maternity and Paternity Benefits
6.8 Other Benefits
7. Private Benefits
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental and Dismemberment Benefits
7.6 Other Benefits
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List Of Tables
Table 1: Insurance Industry Definitions
Table 2: The Philippines - Country Statistics
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 - Regular Holidays 2021
Table 8: The Philippines - Special Holidays 2021
Table 9: The Philippines Consolidated Loans - Calculation of Loans
List Of Figures
Figure 1: The Philippines - Main Institutions of Social Security System
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