employee benefits basics for startup business owners
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Minimum wage. Here in the Philippines, the minimum wage would depend on which region you are in. The very basic of all benefits is your employee’s salary. Why would you hire someone if you’re not going to pay them? If you’re like this, please don’t. Even volunteers have allowances.
Contributions. In the Philippines we have SSS, Pag-Ibig Home Development and Mutual Fund and PhilHealth. It is important that business owners should be the ones to initiate with the contributions. Besides, you fairly don’t have any other options. It’s mandated by the law.
Overtime Pay. Some employers tend to disregard this one. We are telling you to stop because this is also mandated in the Labor Code of the Philippines that overtime is optional and if they an employee is required to do overtime then he or she should be compensated, in accordance to its hourly rate.
Night Differential Pays. When your company requires manpower during the night, you should not forget to offer your employees with night differential pays. Again, it is mandated by law.
Holiday Pays. You can breathe on this one. This is not mandated however, if it is a no work holiday then your employee gets to have a day off with pay. If it is necessary to have them during that time then you have to double their pay.
Meal and Rest Periods. According to the law, every employee is entitled to have an hour and a half break per day and a minimum of one day of rest.