Unemployment insurance plan must be handled with caution
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hi welcome to my channel and please don’t forget to like comment and subscribe today I will make a topic about unemployment insurance plan must be handled with caution a build that will create an employment instrument program for the country was recently reintroduced in Congress while the idea in principle is a good one and should even be considered a necessity it is fraught with potential pitfalls and cost and must be handled carefully Hospital 490 or the proposed field jobs Act of 2020 was introduced by Marikina rap Stella quimbo last month who described the measure as like Phil Health but for jobs the proposed program would provide any worker who involuntarily losses his or her job with 80 percent of the monthly salary for a period of three months short little field job act on 2020 reflects that the fact the latest bill is the second try for the unemployment insurance proposal a similar measure that Consolidated three separated bills filled in the 18 Congress was approved in mid-2021 by the host committee on labor and employment but did not advance under Queen was proposal a new Philippine job internal Corp are pgic similar in organization with the social security system of Triple S and government services insert system or GIS and will be created to administer the unemployment
insurance program and manage the fund created from country Prison from employers employees and government HP 490 stipulate stipulated that the Triple S would serve as the interim manager of the fund for a period of up to five year or until the ptic is up and running indicated contribution by employers employees and government for the first year of the program the bill allows for adjustment of the actual amount based on Actuarial studies of relevant factors are 4.5 percent of the employee’s annual salary each up to B4 nine five per month those four employee earning 20 000 P per month the employees his or her employer and the government will people each contribute being 75 to the Unemployment Insurance Fund or a total of B 900 per years HP 490 also has provision for creating programs to assist job Seekers such as additional training representative quimbo also suggested that a cash bonus or presumably the answer unused portion of workers three-month instrument allotment could be paid to those beneficiaries who are able to find new job in less than three months as an added incentive aside from that on the positive side The Proposal does provide a much or needed program as existing unemployment insurance schemes offered by Triple S and gsis are limited in scope and provide much smaller benefits only 50 percent of month salary for a period of two months we support the unemployment insurance program is proposed by HP 490 in principle and we believe that whatever work necessary to make it a reality should be prioritized so thank you for watching and don’t forget to like comment and subscribe
