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If a holiday falls on a non-working day for the employee, the employee is not compensated. President Gloria Macapagal Arroyo signed Proclamation No. 1211 in January 2007 declaring Independence Day which falls on June 12 a working holiday, and the day before a non-working holiday – effectively moving the holiday. However rites organized by the ...
On top of these pay rules, an employee shall be given an additional 30% if the holiday falls on their rest day, and an additional 30% if they work overtime. On a regular holiday, if the employee did not work, they are entitled 100% of their daily wage. However, a special non-working day usually follows a 'No Work, No Pay' principle.
On June 10, 2024, SSS President Rolando Ledesma Macasaet re-branded the 'Worker’s Investment and Savings Program' (WISP) to 'MySSS Pension Booster', which offers a 7.2% annual rate of return to upgrade retirement and savings in line with Social Security Act of 2018 reforms. Formerly, WISP and WISP Plus carried a 5.33% and 6.87% return ...
Independence Day [1] ( Filipino: Araw ng Kasarinlán; also known as Araw ng Kalayaan, "Day of Freedom") is a national holiday in the Philippines observed annually on June 12, [2] commemorating the declaration of Philippine independence from Spain in 1898. [2] Since 1978, it has been the country's National Day .
Employers with fewer employees must also pay a bonus equivalent to 2% of the total salary, capped at $300. The bonus may be reduced to 50% for employees who worked less than a year for the company. Puerto Rico Act No. 41 of 20 June 2022, further regulating employment law, including the mandatory Christmas bonus, was appealed in March 2023.
The Government Service Insurance System ( Filipino: Paseguruhan ng mga Naglilingkod sa Pamahalaan, abbreviated as GSIS) is a government-owned and controlled corporation (GOCC) of the Philippines. Created by Commonwealth Act No. 186 and Republic Act No. 8291 (GSIS Act of 1997), GSIS is a social insurance institution that provides a defined ...
The Labor Code of the Philippines is the legal code governing employment practices and labor relations in the Philippines. It was enacted through Presidential Decree No. 442 on Labor day, May 1, 1974, by President Ferdinand Marcos in the exercise of his then extant legislative powers. [1]
The Social Security Act of 2018 mandates the government to provide unemployment benefits to private sector employees who were involuntarily separated from employment. Unemployment benefit is also referred to as unemployment insurance or involuntary separation benefit. The payments are sourced from the country's Social Security System (SSS).