Earning and paying taxes in the Philippines means that you have to manage your resources well. Because of this, you might be looking forward to getting government benefits not only as you grow older, but also when you need it.
Those who are working might be curious as to what benefits the Philippine government has. After all, you have worked hard and paid your dues. With economic, social, and even retirement benefits, there are tons of aid and advantages from the government.
Wondering what type of privileges and benefits you can get from the Philippines? We’ve rounded up some of the best PL government benefits for you. Check them out below.
Employee Benefits, Coverage, And Contributions
In compliance with the Philippine Labor Code, working individuals are entitled to monetary benefits. These include access to minimum wage, mandatory 13th-month pay, overtime pay, and many others.
More than this, employees and salaried workers are also gaining benefits from being members of various government-mandated institutions.
These institutions PAG-IBIG, otherwise known as the Home Development Mutual Fund (HDMF), PhilHealth, and the Social Security System (SSS).
Through the individual’s monthly contributions, with the help of their respective employers, these government offices ensure that Filipinos have access to affordable health insurance coverage, social security benefits, as well as house financing.
The mandatory government contributions are automatically taken from the salary of regular employees and are dependent on their salary bracket. SSS contributions can provide individuals access to maternity, disability, pension benefits, and salary loans.
Meanwhile, the PhilHealth insurance program allows individuals coverage for hospitalization needs, surgeries, therapy, and other primary care needs. On the other hand, the PAG-IBIG or HDMF programs give people access to housing loans and calamity loans.
Employees are also entitled to service incentive leaves that can be used for either vacation or to take sick days. Parental leaves, special leave benefits for women, bereavement, and de minimis benefits, or small financial assistance, may also be extended.
If you choose to retire in the Philippines, you can choose between two types of retirement plans, namely getting a monthly pension or opting for a lump sum amount.
Those who opt for the monthly pension are entitled to get payments for no less than 60 months. Keep in mind that you must have made at least 120 monthly contributions before the semester you intend to retire.
On the other hand, the lump sum option entitles you to the entire amount to your contribution. To get this, you must be at least 60 years old if you file for optional retirement or 65 years old for technical retirement.
You are qualified for this if you have paid for less than 120 months.
The Bottom Line
Being able to retire with pay in the Philippines is one of the best benefits you can attain, so make sure to check out this brief outline of the best PL government benefits. This way, you can see which offerings and privileges you are entitled to get.