Philippines Employee Benefits Report

Key Highlights

Get access to Axco’s online product for a comprehensive understanding of employee benefits in the Philippines

Details of the state and compulsory benefits
Insight into typical market practice
Examines changes to the costs and benefits of social security and mandatory benefits requirements
Demographic and economic information including projections
Mandatory pension provision, normal and parental leave and other state benefits
Details of applicable taxation
Extensive geopolitical and operational risk analysis

Report Overview

Comprehensive employee benefits information for the Philippines. Details mandatory benefits and plans as well as typical market practice. Includes data on pensions and retirement benefits, employee leave and termination indemnities.

Axco's employee benefits report for the Philippines provides an expert analysis of the local benefits landscape, detailing state and compulsory benefits and local market practice across necessary to know when employing staff in the Philippines or thinking of entering the market.

The comprehensive report is produced by a dedicated research team with years of experience in international employee benefits. The report outlines all key benefits in the Philippines, including insight into changes to the costs and benefits of social security and mandatory benefits requirements, as well as typical employer practice. Information and necessary details on new legislative mandates are regularly updated to ensure you remain compliant.

Suitable for international employee benefits consultants, brokers or corporates looking at establishing business in Singapore, the report outlines the employment benefits requirements for your employees in the Philippines. Coverage extends to retirement benefits, death in service benefits, long-term disability, medical benefits, workers compensation, personal accident insurance, termination indemnities, maternity benefits & maternity/paternity benefits and other employee and state benefits.

Axco analysts also report on the economy of the Philippines, the local political situation, and climate, operational, and security risks.

Philippines Report Extract

Below is a very brief extract of information from the Philippines Employee Benefits Report; more updated information may be available in the latest published report.

Retirement

Benefit Provider

State & Compulsory Benefits

Retirement benefits are provided through one of the following Social Security plans, administered by the Social Security System (SSS):

Social Security System program,
Effective 1 January 2021, the Mandatory Provident Fund (MPF), known locally as Workers' Investment and Savings (WISP) program.

Employers must also provide retirement pay (exclusions apply, such as for retail, service and agricultural establishments or operations with not more than 10 employees); retirement pay is provided through a retirement benefit plan (most common) or self-insurance.

The employer may offset retirement pay through the Home Development Mutual Fund (known as the Pag-IBIG Fund), which is designed primarily as a savings vehicle to finance affordable housing. (see Other Employee Benefits section Sundry for detail).

Typical Employer Practice

Axco provides information on employers that provide supplementary retirement benefits.

The report contains more information on retirement benefits in Singapore including Benefit Provider; Type of Plan; Eligibility; Retirement Age; Pensionable Salary; Vesting and more