All Articles With Category : Government Services

The latest and the best financial news, tips and tricks.

Vehicle Coding Exemptions in the Philippines That Motorists Should Know

The Unified Vehicular Volume Reduction Program (UVVRP), more popularly known as the number coding scheme, is the government’s traffic-decongestion system meant to make our lives easier by reducing the number of vehicles on the road. On weekdays, the vehicle coding scheme bans both private and public utility vehicles (PUVs) whose license plates end with certain numbers (1 and 2 on Mondays, 3 and 4 on Tuesdays, and so on) from plying major roads in Metro Manila from 7 am to 8 pm. But for the skeptic Pinoy motorists, the number coding scheme is more of a hassle than a solution. On days when you can’t drive your car due to coding, you have no choice but to use public transportation. Others buy a second vehicle, which makes the UVVRP less effective in solving the traffic problem. Read more: Number Coding Guide for Filipino Motorists Frustrated with the number coding scheme? Know that there are days and conditions when it isn’t implemented. The UVVRP doesn’t take effect on weekends, holidays, and special cases such as transport strikes and elections. Also, the coding scheme doesn’t affect certain vehicles. MMDA traffic enforcers can’t apprehend you if your car is exempted from the coding scheme. You can earn the vehicle coding exemption either automatically or by applying for it and getting an approval from the MMDA. Table of ContentsAutomatic Coding ExemptionsLocation-Specific Coding ExemptionsApplication for Vehicle Coding ExemptionsWho May Apply for a Coding Exemption?How to Apply for a Coding ExemptionHere are the steps to applying for a MMDA coding exemption:PWDs applying for coding exemptions need to…

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Government Social Media Accounts Filipinos Need to Follow

Do you spend most of your time on social media? Are you keen on following accounts that educate and inform? If you answered two yesses then you should not skip following these government social media accounts. Other than being up-to-date, these accounts (which are managed by appointed officials) share relevant information that can help modern Filipinos like you. We covered agencies that focus on road safety, healthcare, and even the arts so better check out our list below! Table of ContentsDepartment of TourismMMDAOfficial GazetteNational Museum of the PhilippinesDOST PAGASASSSPag-IBIGPhilHealthYour city’s social media account/sBe aware of current events and national issues. Follow these government social media accounts today! Department of Tourism Facebook | Twitter | YouTube[1] Do you plan to explore more of the Philippines? Start by following the Department of Tourism’s social media accounts. Other than sharing photos and videos of the country’s top (and undiscovered) destinations, the DOT also post updates on tourism partnerships and new appointments. Follow their Facebook, Twitter, and YouTube accounts to quench your thirst for wanderlust and to stay updated on local tourism. MMDA Facebook | Twitter[2] Following the MMDA online will not solve the country’s traffic problem but it can make everyday city navigation much easier. The Official MMDA Twitter is a must-follow for motorists and commuters as the agency regularly posts traffic updates, including coding schemes and vehicular accidents. The MMDA is also keen on answering tweets so expect a reply (or a joke if you’re lucky) from the account. Official Gazette Facebook | Twitter[3] Up for some history and national news? Follow…

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When is the Best Time to Claim Your SSS Pension?

The road leading to your retirement will be smooth if you plan ahead. Starting your retirement planning already? You’re on the right track. One of the things you need to plan for is the SSS pension. It’s never too early to think about the optimal time to file for retirement and claim your pension. Why bother planning the best time to claim SSS pension? With proper timing, you can get the most of your Social Security System (SSS) retirement benefit. But first, you need to know when you’re qualified to file for retirement with SSS and how the monthly pensions are computed. Table of ContentsWho are Qualified to Avail of SSS Pension?Monthly PensionLump Sum AmountHow Much SSS Pension Will You Get When You Retire?When Should You Claim Your SSS Pension?Here are some tips to maximize your retirement benefit:Final Thoughts Who are Qualified to Avail of SSS Pension? Are you a 30-something who wants to retire by 40? You can retire at any age you want. But to claim your SSS pension, you’ll have to wait for 21 to 30 years, depending on your current age. Monthly Pension SSS provides monthly pension only to members who paid at least 120 monthly SSS contributions before the semester of retirement and meet one of the following criteria: Optional retirement: At least 60 years old and unemployed At least 55 years old, unemployed, and was an underground mineworker for at least five years before the semester of retirement Technical retirement: At least 65 years old, whether employed or not At least 60 years old,…

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12 Tips for a Quick and Stress-Free Driver’s License Renewal

Driver’s license renewal is no fun in the Philippines. But it’s a lot more bearable than applying for a new driver’s license, as you won’t have to take driving exams at the Land Transportation Office (LTO). Is your driver’s license up for renewal? Make the process quicker and less stressful. Just keep these driver’s license renewal tips in mind. Table of Contents1. Settle Any Past Traffic Violations2. Renew Your License Sooner Than Later3. Call LTO Before Renewing Your License4. Have Your Medical Exam in Advance5. Fill Out the Application Form Beforehand6. Bring Your Old License7. Bring Enough Cash for the Driver’s License Renewal Fee8. Bring Snacks and Water9. Have Your Driver’s License Renewal at an LTO Mall Outlet10. Come Early11. Know the Right Procedure12. Just Say No to Fixers!Final Thoughts 1. Settle Any Past Traffic Violations Before you go to an LTO branch to renew your license, make sure you’re cleared of any traffic violations and you’ve paid all fines. Otherwise, you can’t proceed to the next step of your driver’s license renewal. Settling the penalty fees on the day of your renewal can delay the process. Read more: Here’s How You Can Claim a Confiscated Driver’s License 2. Renew Your License Sooner Than Later Don’t wait until the expiration date of your license—renew it at least one month in advance so that you won’t have to pay a penalty fee. You can renew your driver’s license as early as 60 days before on its day of expiration. Late driver’s license renewal can cost you as much as PHP 225. If…

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How to Get a Driver’s License Faster Without Dealing with Fixers

Want to know how to take a driver’s license faster in the Philippines? First things first: never do business with a fixer at the Land Transportation Office (LTO). Yes, it can be tempting to pay someone to complete your license application quickly, but it can cost you twice to four times the price of doing it legally. And if your license is found to be fake, you’ll be charged a fine and banned from getting a real license for two years. There’s no shortcut in legally applying for a driver’s license in the Philippines. Just like other government transactions, expect long queues, slow service, and lots of frustrating situations. You’ll have to devote a whole day for your driver’s license application, even if it means taking a leave of absence from work. With enough preparation and a few tricks, though, the process of getting your license may only take 3 to 4 hours, or even earlier, barring any IT or system error at the LTO. Here are nine tips you can do prior to your application to speed it up and save time. Table of Contents1. Secure a Medical Certificate in Advance2. Complete Your Documents3. Practice Driving Before Applying for a License4. Bring Enough Cash for the Driver’s License FeesNew Student Permit Fees (Total: PHP 317.63)New Professional/Non-Professional Driver’s License Fees (Total: PHP 820.26)Other Fees5. Dress Appropriately6. Bring Snacks and Drinking Water7. Avoid Parking Problems8. Come Early to the LTO Office9. Follow the Steps to Applying for a Driver’s LicenseFinal Thoughts 1. Secure a Medical Certificate in Advance A medical certificate…

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Looking for Jobs Abroad? 6 Legitimate Websites for Your Overseas Job Search

So, you’ve decided to start finding an overseas job. You want to support your family as a breadwinner, take a leap of faith in your career, or just experience how it is to live and work abroad. Looking for jobs abroad is the first bold step to achieving your goal as a would-be Overseas Filipino Worker (OFW). But where to start? Good thing, the internet has made overseas job search a lot easier and even safer for Filipinos. You can search and apply for OFW jobs on different online job portals. These websites have job listings from recruitment agencies licensed by the Philippine Overseas Employment Administration (POEA), so you won’t have to tediously check if you’re dealing with a legal recruiter. Their services are free of charge, too. For your overseas job search, visit these online job sites for aspiring OFWs. Table of ContentsPOEA WebsiteWorkAbroad.phJobStreet.comOFWguru.comKalibrrSeaman JobsiteFinal Thoughts POEA Website You may be surprised to see the POEA website here, but the government agency does post overseas job opportunities online. It just isn’t obvious when you browse through the site. Find POEA job listings[1]. Don’t expect much, though. Job posts are limited only to a few countries (currently, the available jobs are only from Taiwan.) Some are already outdated or can’t be viewed. Still, it’s worth checking from time to time to find the latest overseas hirings. If you’re lucky, you can find work abroad through the POEA’s Government Placement Branch that recruits OFWs mostly for foreign governments and a few non-government employers. Applying for an overseas job at POEA assures you that…

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Overseas Employment Certificate (OEC): A Complete Guide for OFWs

The Overseas Employment Certificate (OEC) has been figuring in the news lately. As of this writing, processing OECs is suspended for all Kuwait-bound overseas Filipino workers (OFWs), amid the ongoing investigation of the death of seven Filipino household workers in Kuwait. Also recently, the Department of Labor and Employment lifted its temporary suspension order that halted OEC processing from November to early December 2017 to allow the Philippine Overseas Employment Administration (POEA) to investigate reported illegal recruitment practices within its ranks. And for the past few years, OFW rights groups have been calling for scrapping the OEC[1] to “free OFWs from the burden of paying excessive fees.” Nonetheless, the OEC is still one of the required documents for most OFWs before they’re allowed to work abroad. Whether you’re a newly hired or a returning OFW, you need to get an OEC from the POEA. Securing this document ensures your protection from the government should anything unfortunate happen in your host country. Table of ContentsWhat is an OEC?What are the OEC Requirements?Document Requirements:OEC fees:How to Get an OECHow to Get an OEC ExemptionFinal Thoughts What is an OEC? Also called the POEA travel exit clearance, an OEC is a proof of being a documented OFW, meaning you’re allowed to leave the country and work overseas. You present it at the airport prior to your departure. It is valid for 60 days from the issuance date. This important document has several uses: Exemption from paying the travel tax and terminal fee when presented to the respective counters at the airport OFW’s exit pass…

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An Aspiring OFW’s Guide to the POEA and Its Services

Seeking greener pastures abroad? Looking for jobs and working abroad come with certain risks. If you’re not careful enough, you might wipe out several years’ worth of savings or be buried in debt when you fall prey to an illegal recruiter. Also, if you leave the country as an undocumented worker[1] and without going through the legal process (locally known as TNT or tago ng tago), you’ll be prone to being exploited by abusive employers. You won’t also enjoy the government protection and benefits for Overseas Filipino Workers (OFWs). This is where government agencies, such as the POEA, play a crucial and active role. The POEA is tasked to protect aspiring OFWs even before they get hired and start working abroad. All applicants for overseas jobs go through the POEA for processing their documents. Know what the POEA can do for you and its services available to Filipinos who are seeking employment abroad. Table of ContentsWhat is POEA?What Does the POEA Do?Anti-illegal Recruitment and OFW Protection:Overseas Employment Facilitation:Upholding Philippine Migration and Overseas Employment Laws:Four Key POEA Services for Prospective OFWs1. Recruitment Agency Status Verification2. POEA Pre-Employment Orientation Seminar3. Frontline Services4. Overseas Employment Certificate ProcessingFinal Thoughts What is POEA? The Philippine Overseas Employment Administration (POEA), an attached agency of the Department of Labor and Employment (DOLE), manages the country’s overseas employment program. The agency helps secure the best employment terms for Filipino migrant workers and protects their rights to fair and ethical recruitment practices. It is also mainly responsible for regulating all recruitment agencies in the Philippines. The POEA works closely with…

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How the Proposed SSS Contribution Hike Will Affect You

The Social Security System has recently proposed an increase in the SSS contribution rate to 14% from the current 11%. SSS also plans to raise the minimum monthly salary credit (MSC) to PHP 4,000 from PHP 1,000, and the maximum MSC to PHP 20,000 from PHP 16,000. This will raise the minimum contribution to PHP 560 from PHP 110 and the maximum contribution to PHP 2,800 from PHP 1,760. As of this writing, President Rodrigo Duterte is still studying the proposal and has yet to decide on it. If the president approves the SSS contribution hike, expect to see an adjustment in your payroll deductions starting in April. Is the impending SSS contribution hike something to worry about? Once it’s implemented, it will certainly have an impact on the state-run agency’s over 36 million registered members. Table of ContentsMinimal Impact on Your Take-Home PayHigher SSS BenefitsLonger SSS Fund LifeFinal Thoughts Minimal Impact on Your Take-Home Pay Although the 3% contribution hike will lead to higher salary deductions, employees won’t feel the effect that much. According to former Social Security Commission Chairman Amado Valdez[1], employers will pay two-thirds of the total contribution, while employees will shoulder only one-third of it. Specifically, the proposed 14% contribution rate will be shared by employers at 8.87% and employees at 5.13%. Presently, the employer share is 7.37%, and the employee share is 3.63%. In short, your employer will pay the bigger share of your higher monthly SSS contributions[2]. Consider also the effect of the tax reform or TRAIN law, specifically the lower income tax, on your…

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What to Do if Your Employer Fails to Pay Your SSS Contributions

You’ve applied for an SSS salary loan to meet an urgent cash need. But then, your application got declined just when you need to borrow money badly. It’s frustrating and heartbreaking. You wonder why it happened—you were sure you’re qualified for that loan. You’ve had more than 36 monthly SSS contributions deducted from your salary. You’ve also submitted all the loan requirements. What could have gone wrong? Have you verified if your employer has remitted all your SSS contributions? Even though all these contributions are deducted from your monthly pay, it’s likely that your company has failed to remit them to SSS for several months (or even years.) Two lessons learned: check your posted SSS contributions regularly and hold your employer accountable for non-remittance of your SSS payments. Table of ContentsKnow Your RightsTalk to Your EmployerIf Nothing Happens, File a Complaint with the SSSHow to File a Complaint for Failure to Remit SSS ContributionsFinal Thoughts Know Your Rights As an SSS member, you’re protected by law against negligence or non-compliance of your employer when it comes to paying SSS contributions. The Social Security Act of 1997 (Republic Act 8282) requires all employers in the Philippines to deduct the monthly SSS contributions from their employees’ salaries, pay their share of contributions, and remit these contributions to the SSS on time. Employers must also submit the monthly report of their employees’ contributions to the nearest SSS office. Employers who violate the Social Security Law will be fined PHP 5,000 to PHP 20,000 or jailed for at least six years. They must also remit…

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What SSS Benefits are Exclusive to OFWs?

Even if they’re based abroad, overseas Filipino workers (OFWs) can still avail of benefits from the Social Security System (SSS) that Philippine-based members enjoy. On top of that, OFWs are entitled to two exclusive SSS benefits and privileges: the Flexi Fund Program and the Overseas Filipino Workers SSS Coverage Program. Table of Contents1. SSS Flexi Fund Program How does Flexi Fund work?What benefits can OFWs gain from it?Who can enroll in the program?How to register as a Flexi Fund member2. Overseas Filipino Workers SSS Coverage ProgramWhat SSS benefits can OFWs get under this program?How much is the monthly SSS contribution for OFWs?How to register as an OFW-memberFinal Thoughts 1. SSS Flexi Fund Program As an OFW, building your retirement fund may be the least of your priorities now because of your family obligations and debt repayments. Relying solely on the SSS pension is a bad idea, as it isn’t enough to cover all your living expenses in your retirement years. As early as possible and while you’re earning from your overseas job, look for ways to supplement your SSS pensions. One of the great options is the SSS Flexi Fund Program. Launched in 2001, this program is a voluntary savings-investment plan for OFWs who want to save and earn additional income. How does Flexi Fund work? Under this program, SSS invests the members’ funds in low-risk, stable fixed-income securities that guarantee earnings for OFW-members. Interest rates are based on 91-day Treasury bill rates[1] or SSS’ short-term peso placements, whichever is higher. Are you an enrolled member? You can add a minimum of…

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SSS Salary Loan and Housing Loan: A Guide for OFWs

About 1.3 million overseas Filipino workers (OFWs) are registered members of the Social Security System (SSS), according to SSS data. If you’re one of them, know that you can apply for an SSS salary loan, an SSS housing loan, or both. Check out this comprehensive guide on the SSS loans for OFWs. Table of Contents1. SSS Salary Loan for OFWsHow much can OFWs borrow from SSS?How long is the loan repayment period?How much are the interest and fees?Who are qualified?What are the required documents?How can OFWs apply for an SSS salary loan?2. SSS Housing Loan for OFWsWhat can the loan be used for?How much can OFWs borrow?How long is the housing loan repayment period?What are the interest rate and fees?Who are qualified?Does the housing loan require a collateral?How can OFWs apply for an SSS housing loan?Final ThoughtsLooking for a financial product? Click the box below to connect with our financial advisors. 1. SSS Salary Loan for OFWs Just like other regular SSS members, OFWs also can avail of a salary loan to meet their immediate cash needs. How much can OFWs borrow from SSS? Two types of loanable amounts are available to prospective borrowers: a one-month salary loan and a two-month salary loan. The one-month loan is the average of the borrower’s latest 12 posted monthly salary credits (MSCs) that are rounded to the next higher MSC or the desired loan amount, whichever is lower. The two-month loan is twice the average of the borrower’s latest posted MSCs that are rounded to the next higher MSC or the desired loan amount,…

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SSS Online Employer Registration: A Guide for Companies and Employers

As an entrepreneur, HR officer, or someone who employs household workers, you know how tedious it can be to transact with multiple government agencies. So many reports to process and submit, so little time. Good thing, Social Security System (SSS) has an online facility that literally does away with the paperwork for the extremely busy employer in the Philippines. All you have to do is to go their official website for an SSS online employer registration. Keep on reading to learn more about SSS’s online portal and how you can register as an employer. Table of ContentsWhat is My.SSS? Benefits to EmployersHow to Get SSS Employer Number?SSS Online Employer Registration StepsStep 1: Accomplish the online employer registration formStep 2: Verify your SSS online employer accountStep 3: Wait for a confirmation email from SSSFrequently Asked QuestionsIs there a fee for SSS Online Employer Registration?Is My.SSS Secured? What if my I registered a user ID or email address that already exists?What should I do if my online registration fails?Will I receive proofs of transactions made through My.SSS?Can I get a Payment Reference Number (PRN) online and a Contribution Collection List (CCL) online?What should I do if I need to change my company’s registered email address or authorized signatory?How can I change other details as an employer?Final Thoughts What is My.SSS? My.SSS is an online portal that allows SSS members to access contributions and membership records. Through the website, members and employers can make online transactions, set appointments with their SSS servicing branch, and request copies of records. Members and employers are required…

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5 Reasons Why the Tax Reform Law is Good for Us

Starting in the first payday of 2018, some six million Filipino workers should see an income tax reduction in their payslip, thanks to the newly implemented Tax Reform for Acceleration and Inclusion (TRAIN) Act. The TRAIN law or Republic Act 10963[1], which took effect on January 1, 2018, is the first of five tax reform packages for a simpler, fair, and efficient tax system. Essentially, TRAIN lowers personal income tax, simplifies the estate and donor’s tax, and expands the value-added tax (VAT) range. On the other hand, it increases excise taxes on fuel, mineral products, vehicles, and cigarettes. It also imposes new taxes on sugar-sweetened beverages and cosmetic procedures. Revenues collected from TRAIN will fund the government’s infrastructure and socio-economic programs. What does this mean to an ordinary employee like you? Is it good or bad news? According to the government, the benefits of tax reform will outweigh the effect of price hikes[2] resulting from the higher excise taxes. That remains to be seen. For now, be hopeful and look at the good effects of this new law on your personal finance. Table of Contents1. Higher Take-Home Pay2. Fair Tax System3. Higher Tax Exemption Cap for 13th Month Pay4. Simpler Tax Filing and Payment5. Higher VAT Threshold and New ExemptionsFinal Thoughts 1. Higher Take-Home Pay Since the time you received your first-ever salary, you’ve been dreading to check your payslips. It really hurts to see huge taxes being deducted from your hard-earned money. Now, you can heave a sigh of relief because if your gross monthly salary is PHP 21,000 or…

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How to Get the Most Out of Your Pag-IBIG Fund Benefits

What makes you cringe every time you check your payslip? Yes, it’s the tax and other numbers deducted from your salary. While it’s normal to feel bad about parting with your hard-earned money (who doesn’t?), know that those deductions, including your Pag-IBIG contributions, are for your own good. Think of them as forced savings, investments, and insurance that will help you and your family during financial emergencies or when you buy a home or retire. You’ll realize the value of paying your monthly contributions when you need to avail of a benefit. But before you get to that, learn how to maximize your Pag-IBIG Fund benefits to get the most out of your contributions and to avoid problems when you claim your benefits. Read more: 9 Useful Pag-IBIG Benefits You Should Know About Table of ContentsHow to Maximize Your Pag-IBIG Fund Benefits1. Verify Your Pag-IBIG ContributionsHow to inquire about your Pag-IBIG contributions:2. Enroll in the Pag-IBIG Savings Program3. Increase Your Monthly Pag-IBIG Contributions4. Get a Pag-IBIG Loyalty CardFinal Thoughts How to Maximize Your Pag-IBIG Fund Benefits 1. Verify Your Pag-IBIG Contributions When you need to apply for a multi-purpose loan or a housing loan, you can’t just go straight to a Pag-IBIG branch without making sure that you’re qualified for a loan. To get approved for any Pag-IBIG loan, you must be an active member and have paid at least 24 monthly contributions. You must also have paid at least five contributions for the past 6 months before your loan application date. If you’re a regular employee, your company may not be…

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Expecting a Baby Soon? Don’t Ignore These PhilHealth Maternity Benefits and Rules

Excited about the arrival of your new bundle of joy? You must be pumped up thinking of possible names, decorating the nursery room, and shopping for newborn clothes. Now, let’s get to the practical stuff: are you ready to bear the costs of having a baby? It’s expensive to give birth in the Philippines. For a normal child delivery in Metro Manila, be prepared to spend from PHP 5,000 (for a charity ward in a public hospital) to over PHP 100,000 (for a small private room in a private hospital). Caesarian delivery costs much more. Add to that the prenatal care costs such as supplements, vaccinations, regular ob-gyn check-ups, and ultrasound scans. These facts aren’t meant to scare you, but rather to highlight the importance of being financially ready before your baby is born. A money-smart strategy to manage your newborn expenses is to get a personal loan for your maternity bills. You can also cut down your childbearing costs by knowing the PhilHealth maternity benefits and how to qualify for Philhealth’s insurance coverage. Here are five important things every expectant parent should know about PhilHealth maternity coverage. Table of Contents1. The expectant mom must be a PhilHealth member to avail of maternity benefits.2. PhilHealth contributions must be up-to-date.3. PhilHealth maternity benefits cover prenatal care, delivery, and newborn care costs.Maternity Care Package (MCP)Normal Spontaneous Delivery Package (NSD)Other PhilHealth-covered DeliveriesNewborn Care Package (NCP)4. Maternity and newborn care packages have limitations.5. You must know when and how to file your PhilHealth maternity claims.Final Thoughts 1. The expectant mom must be a PhilHealth…

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Professional License Guide for Uber and Grab Drivers

Since its launch, Grab and Uber have been attracting more riders to use its services. According to the Uber General Manager Laurence Cua, 682,000 passengers took an Uber ride just from September to October 2016. The increasing patronage of Filipinos has enticed the public on signing up for these ride-sharing apps to earn extra money. A common notion for people who are interested in signing up is that if you have a driver’s license and a registered car, you can easily sign up for their network. It may seem like a rented private car but cars used for Uber and Grab are classified as Transportation Network Vehicle Service (TNVS), which simply means an application-based Public Utility Vehicle (PUV). This requires drivers of ride-sharing application to get a professional driver’s license. This is more tedious than getting a non-professional driver’s license. But how do you do it? Here are the steps: You should be at least eighteen (18) years old. You should be able to operate a motor vehicle. You should be able to understand and communicate in Filipino, English or the applicable local dialect through reading, speaking and writing. For driving vehicles under Restriction Codes 1,2,4 and 6 – you should have a valid Student Permit (SP) issued at least six (6) months prior to the application. For driving vehicles under Restriction Codes 3,5,7 and 8 – you should have a valid Non-Professional Driver’s License (NPDL) at least one (1) year prior to the application or PDL holder with RC 1,2,4 and 6 for a period of at least six (6) months…

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DBM Issues Guidelines for 2nd Pay Adjustment for Gov’t Employees

The second of four tranches provided in the proposed Salary Standardization Law has gone into effect as of January 1, 2017. This comes after former president Benigno Aquino III signed Executive Order 201 last year, effectively making the interim measure to increase the salary of government employees permanent. The Budget Department announced that all government employees are to receive higher salaries this year, which has already been accounted for in the 2017 national budget. Table of ContentsWho’s getting a raise?How it worksFurther increasesFinal thoughts Who’s getting a raise? Budget Secretary Benjamin Diokno said in a press briefing earlier in the month that the next round of increases includes civilian and military employees – teachers, health workers, soldiers, policemen, and all other civil servants – are to receive a higher take-home pay as part of the current administration’s pledge to raise compensation. President Rodrigo Duterte said in a statement today: “These are the people who help and protect the Philippines. We want them to feel satisfied about their jobs, inspire them to be more productive workers and allow them to provide for their families. Raising their wages is only just.” How it works EO 201, which grants a compensation adjustment to government workers and additional allowances for Military and Uniformed Personnel (MUP) in four separate tranches, the first of which was in 2016. Pursuant to said legislation, the Department of Budget and Management (DBM) released National Budget Circular No. 568 and Local Budget Circular No. 113, which implements the second tranche of adjustments. National Budget Circular No. 568 provides the rules…

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Why the SSS Pension Hike Won’t Come Easily

One of the last hot-button issues that plagued the Aquino administration was the demand to raise pensions all around. Where the former President vetoed the proposed bill that would add an extra Php 2,000 across-the-board increase in the monthly pension of SSS members, then-candidate Rodrigo Duterte stated that he would make it his mission to see the bill through. Fast-forward to after the elections, and now-president Duterte has put the bill in limbo, stating that he’s eyeing a “win-win situation” with regard to the bill and how it would affect pensioners today and in the future. The question of why the SSS pension hike won’t come easily is tricky to answer, but here’s a look at the factors that may determine why the president hasn’t approved it yet. Table of ContentsThe SSS fundingIncome taxesFinal thoughts The SSS funding One of the reasons cited by former president Aquino for his veto of the bill was that while it would benefit over 2 million pensioners, it would burden 30 million SSS members. House Bill No. 5842 would have provided the additional amount to pensioners but would have also “seriously compromised the stability of the entire SSS system” according to Aquino’s statement on the veto. The same sentiment has been echoed by President Duterte’s economic management team, further stating that the proposed bill could undercut the agency’s funding in as soon as ten years. The SSS funding has been originally projected to last until 2042. This increase could fully wipe out the agency’s funding by 2027, something that former President Aquino’s staff also advised him of. The state-run agency is constantly looking for ways to bolster its revenue. One…

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What Can You Buy with the Php 2,000 SSS Pension Hike

During his time as a candidate, President Rodrigo Duterte made a promise to raise the pension provided by the Social Security System. The petition was originally denied by then-President Aquino’s administration but has been passed into law by the Senate as of November 9, 2016. Fifteen senators voted to pass the bill that would grant a Php 2,000 across-the-board increase in the pension of retired SSS members. Now that this bill has been passed, the extra Php 2,000 could go a long way. But what can you buy with the Php 2,000 SSS pension hike? Here are a few things the retirees in your family could use it for. Table of ContentsMedicinesGroceriesEntertainmentFinal thoughts Medicines While most retirees are hale and healthy, some will require medicines to maintain their tip-top health. With medicine prices fluctuating, it’s ideal to get the generic brands of medicine to save on costs. A bottle of ibuprofen that could be used to treat arthritis costs about Php 61.86, while adult multivitamins cost about Php 6 to 8 per tablet. Insulin, used to treat glucose imbalances in diabetics, costs between Php 341.90 to Php 420 for disposable injections. The extra amount added to a retiree’s pension could potentially help offset these costs. Groceries According to Numbeo, the cost for at least two weeks’ worth of groceries for a family of four averages at about Php 1,500. That accounts for three meals a day, plus coffee for the adults, and snacks. The additional amount could mean a few treats for grandchildren or additional supplies around the home for the retiree who loves to cook or bake. This is a welcome addition to many households that are made up of retirees and younger adults that are in the workforce. Given the rising cost of living, the…

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