In order for people to earn, the easiest way is to get a job on a company. Unlike venturing on a business, you do not need to risk losing the money and companies will pay you for the work that you've done according to terms that are agreed by both parties. Aside from that, there are other perks that you will be entitled as an employee of that company. Today, I will be telling you of the current benefits that my company has been giving me.
Government Mandated Benefits
Also known as statutory benefits, are entitlements that companies are obligated by law to provide to their employees. This benefits could vary defending on the country but it was something that companies must follow or they could face criminal charges. In the company that I worked with, this were the statutory benefits that were given to me.
Social Security System (SSS)- A government- run social insurance where contribution depends on the salary bracket of the employee and companies shoulders 7.37% of the contribution while employee pays for the remaining 3.36%. Having this insurance covers ,maternity pay, sickness pay, pensions, disability benefits, salary loans, life insurance and funeral grants.
Health Insurance (Philhealth)- Another government- run organization which half of the contributions were shouldered by the company which is equivalent of 1.75% of the employee's salary. Having this insurance allows not only the employees but also their family members to have their medical bills significantly reduced if not completely waived in case they got hospitalized.
Home Development Mutual Fund (Pag- Ibig Fund)- A government- run saving program that also provides low interest loans and housing loans to people with the company contributing 2% of the employee's salary. Savings from HMDF can be withdrawn after it reaches a maturity period of 240 months with the eligibility of people to be at least 42 years old.
Night Differential- So far, I haven't been assigned for a night shift but if I ever do, I would receive 10% salary increase for night duty.
Holiday Pay- Unless it was on weekend, I do not have day- off during holidays due to the nature of the company that I work but I would have double pay during regular holiday and a 30% salary increase for special holidays.
Paid Leave- As an employee, I could have a total of 5 days worth of paid leave within a year which can be either due of sickness or for vacation purposes.
Other leave Such as paternity leave, solo parent leave, bereavement Leave which does not comes with pay but allows me to take a break from work on different situations.
Supplemental Benefits
This were other incentives that my company gives to its employees that are not mandated by the law but but companies still provide in order to attract and retain their employees to work in the company.
13th Month Pay- This was a salary that was payed by the employer which is based on my salary multiplied by the number of months I work within a year divided by 12 and was usually given at the end of the year together with Christmas bonus.
Christmas Bonus- Another monetary compensation given by my company which also includes groceries for Christmas season.
HMO- Aside from the insurance run by the government, my company also commissioned a private entity that provides health insurance with 2 beneficiaries on it.
Free Wifi- Allows me to stay connected to the internet even while at work and helps me to save my monthly data consumption.
Company Gym- My company has its own gym which any employee can use though it was mostly cardio machines and light weights so I have not used it even once.
Year- End Party- An end of year event that all employees of the company can go after their work ends that was packed with many local celebrities and bands to provide employees entertainment for free though I choose not to go last year since attendance is not mandatory.
And those were the perks that I enjoyed as an employee. Aside from benefits that the government has mandated, they also provide other benefits whether it was out of good will or to make sure to keep with competition. Either way, this were all a big help for me not only on the short term but also in the future.
Thank you for reading my post and see you on the next one!
Are you interested in reading some of my future writings? Don't forget to follow me! In the meantime, here are some of my most recent Hive Learners post if you'd like to read them:
