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Created by Commonwealth Act No. 186 and Republic Act No. 8291 (GSIS Act of 1997), GSIS is a social insurance institution that provides a defined benefit scheme. It insures its members against the occurrence of certain contingencies in exchange for their monthly premium contributions.
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 Employees' Compensation (EC) Program which started in 1975 provided double compensation to workers who had illness, accident during work-related activities, or died. EC benefits are granted only to members with employers other than themselves. [18] SSS members can make 'salary' or 'calamity' loans.
The Overseas Workers Welfare Administration (abbreviated as OWWA, Filipino: Pangasiwaan sa Kagalingan ng Manggagawa sa Ibayong-dagat [2]) is an attached agency of the Department of Migrant Workers of the Philippines.
The agency responsible for implementation is the Social Security System (SSS), and also the Government Service Insurance System (GSIS), the Philippine Health Insurance Corporation (PhilHealth), and the Pag-IBIG Fund (Home Development Mutual Fund) use the card. [3] The card was also suggested to be used as a voter ID. [4]
Compensation and benefits refer to remuneration to employees from employers. Which is the payments or rewards provided to an individual for the work that has been completed. Compensation is the direct monetary payment received for work performed, commonly known as wages. This is the compensation that employees earn for their work or ...
Compensation of employees (CE) is a statistical term used in national accounts, balance of payments statistics and sometimes in corporate accounts as well. It refers basically to the total gross (pre-tax) wages paid by employers to employees for work done in an accounting period, such as a quarter or a year.
The source of compensation income is the place where the services giving rise to the income were performed. The source of certain income, such as dividends and interest, is based on location of the residence of the payor. The source of income from property is based on the location where the property is used. Significant additional rules apply. [42]