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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 ...
In 2017, about 2.2 million people receiving pension from the SSS saw their take-home benefits increased by ₱1,000 with the approval of President Rodrigo Duterte. [15] Starting with a fund of ₱500,000 from the government, SSS' total assets grew to ₱474.7 billions and served 34.2 million members in 2016. [5]
The agency was founded as the Welfare and Training Fund for Overseas Workers through Letter of Instruction No. 537, signed by President Ferdinand Marcos on May 1, 1977. [ 4 ] [ 3 ] It was renamed into the OWWA through Executive Order No. 126, signed by President Corazon Aquino on January 30, 1987. [ 5 ]
The rate of contribution was progressively increased to 25% for both employers and employees in 1985. The employer contribution was cut to 10% during a recession in 1986. The employer contribution rate was reverted to match the employee rate until the 1997–1998 Asian Financial Crisis , and thereafter lowered to 10% for workers 55 years or ...
With this large pool of available workers, the Philippines has more than 38 million people that belong to the labor force which is one of the largest in the world almost making it to the top ten notwithstanding a relatively mediocre participation rate of 64.5%. [3] The labor force has consistently grown by an average 2% for the past three years ...
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 ...
The Department of Labor and Employment (DOLE) was founded on December 8, 1933, by virtue of Act No. 4121 of the Philippine Legislature. It was renamed as the Ministry of Labor and Employment in 1978. The agency was reverted to its original name after the People Power Revolution in 1986. [4]
The Kapit-Bisig Laban sa Kahirapan – Comprehensive and Integrated Delivery of Social Services – National Community-Driven Development Program (Kalahi CIDSS–NCDDP) is the community-driven development program of the Philippine Government implemented through the Department of Social Welfare and Development.