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Flexi Fund is a voluntary savings program offered by SSS. [24] Launched in 2001, it is a provident fund that is invested in fixed income securities and whose returns are determined by SSS' short-term placements or 91-day Treasury bills. [25] [26] It is open to overseas Filipino workers (OFW) who are not older than 60 years old. [27]
The Home Development Mutual Fund (HDMF), commonly known as the Pag-IBIG Fund (acronym of its Filipino name: Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno [a]), is a government-owned and controlled corporation under the Department of Human Settlements and Urban Development of the Philippines responsible for the administration of the national savings program and affordable ...
Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments.
Article 99 of the Labor Code of the Philippines stipulates that an employer may go over but never below minimum wage. Paying below the minimum wage is illegal. [10] The Regional Tripartite Wages and Productivity Boards is the body that sets the amount for the minimum wage. In the Philippines, the minimum wage of a worker depends on where he works.
The Department of Finance (DOF; Filipino: Kagawaran ng Pananalapi) is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of the government, supervision of the revenue operations of all local government units, the review, approval and management of all public ...
In the Philippines, the Trade Union Congress of the Philippines is the largest union and confederation of 30 labor federations in the country which come from a wide range of sectors. [41] As of 2009, there are a total of 34,320 unions with consist of members summing up to 2.6 million.
The policy of taxation in the Philippines is governed chiefly by the ... (e.g., salary and wages); income of self ... There is a standard deduction amounting to P250 ...
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world's largest public pension fund. Pension funds typically have large amounts of money to invest and are the ...