Connect with us

Hi, what are you looking for?

News

P6.5B needed for proposed subsidy on informal workers’ social insurance contribution  

A MEAT vendor at a public market in Manila qualifies as an informal worker based on House Bill 347 or the Magna Carta for Workers in the Informal Economy. — PHILIPPINE STAR/ RUSSELL PALMA

AROUND P6.5 billion in public funds will be needed annually to cover a proposed subsidy for the social insurance contribution of informal sector workers, according to the lawmaker who recommended the provision.   

Rep. Arlene D. Brosas of women’s rights party-list Gabriela said the latest estimate is based on about 17 million Filipinos considered to be working in the informal economy.  

“Last time (it was estimated), it was around the amount of P6.5 billion,” she told BusinessWorld in a Viber message in mixed English and Filipino.   

In a separate text message, she said the number of informal workers should ideally not increase significantly if government can set up programs and policies on sustainable job creation.  

“Supposedly workers in the informal economy do not increase because you have an industry that provides you a job, pays you, and establishes your rights. If more and more people are entering the informal economy, something is wrong with the government’s management,” she said.  

Ms. Brosas made the subsidy recommendation during the House committee meeting on labor and employment on Wednesday, where House Bill 347 or the Magna Carta for Workers in the Informal Economy was tackled.   

She said government can subsidize the monthly contribution of informal workers to the Social Security System (SSS), the state-run insurance program and pension fund for the private sector.  

The lawmaker said her proposal includes “all” informal economy workers in line with the spirit of the proposed law.    

Under House Bill 347, informal economy workers include those who are self-employed, members of cooperatives, non-regular employees, agricultural and fishery workers, and those in legal but “unrecognized or unregulated employment relationships, among others.   

“We are only helping them (informal economy workers) up until the time that they can find a formal work or job,” Ms. Brosas said in Filipino during a Makabayan bloc press conference on Thursday.   

Kabataan Party-list Rep. Raoul Danniel A. Manuel noted in the same press conference that the number of self-employed workers increased during the COVID-19 pandemic. — Beatriz Marie D. Cruz

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> Pressure on the Tory Party chairman increases as the head of HMRC says there are no penalties for ‘innocent errors’. Nadhim...

Editor’s Pick

<?xml encoding=”utf-8″ ??> With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike...

Editor’s Pick

<?xml encoding=”utf-8″ ??> TSB’s 5,700 staff and executives are to share a 10% bigger bonus pot this year, after rising interest rates pushed the...

Editor’s Pick

<?xml encoding=”utf-8″ ??> NatWest is to shut another 23 branches in England and Wales, adding to a raft of high street banking closures already...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Shell has put more than 2,000 jobs in the UK at risk after launching a “strategic review” of its domestic energy...

Editor’s Pick

<?xml encoding=”utf-8″ ??> British taxpayers have become shareholders in a further 53 companies backed by a government rescue funding scheme. These firms include a...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.