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SSS is established by virtue of Republic Act No. 1161, better known as the Social Security Act of 1954. This law was later amended by Republic Act No. 8282 in 1997. Government employees, meanwhile, are covered under a separate state-run pension fund by the Government Service Insurance System (GSIS).
The Government Service Insurance System (Filipino: Paseguruhan ng mga Naglilingkod sa Pamahalaan, abbreviated as GSIS) is a Filipino government-owned and controlled corporation (GOCC) in the Philippines aimed at government employees. Created by Commonwealth Act No. 186 and Republic Act No. 8291 (GSIS Act of 1997), GSIS is a social insurance ...
According to Presidential Decree No. 851, an employer is mandated by law to give his employees thirteenth month pay. The thirteenth month pay required by law should not be less than one twelfth of the total basic salary earned by an employee within a calendar year. [11] The thirteenth month pay is exempted from being taxed by the government.
The Windfall Elimination Provision affects people who qualify for Social Security benefits through their job but also receive a pension from another job where they didn't pay into Social Security.
This is a list of salaries of heads of state and government per year, ... Philippines: 95,554 USD [131] ... This page was last edited on 13 December 2024, ...
Employers with fewer employees pay 3% of an employee's total salary; the maximum bonus is $300. Regarding employees hired after 26 January 2017, employers with more than 20 employees are required to pay a bonus equivalent to 2% of the total salary, capped at $600, to those who have worked at least 1350 hours in the 12 months starting from 1 ...
A reform proposed by Mexican President Andres Manuel Lopez Obrador for retirees to have a pension equal to their final salary will come with a cap on monthly payments, according to a document sent ...
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