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On August 4, 1964, Republic Act No. 4166 renamed July 4 holiday as "Philippine Republic Day", proclaimed June 12 as "Philippine Independence Day", and enjoined all citizens of the Philippines to observe the latter with befitting rites.
SSS is established by virtue of Republic Act No. 1161, better known as the Social Security Act of 1954. This law was later amended by Republic Act No. 8282 in 1997. Government employees, meanwhile, are covered under a separate state-pension fund by the Government Service Insurance System (GSIS).
Act No. 3827 by the Philippine Legislature enacted on October 28, 1931, designated every last Sunday of August as National Heroes Day. [ 5] However, Bonifacio Day established by virtue of Act No. 2946 of 1921 was also dedicated to anonymous Filipino heroes. [ 6] In practice, National Heroes Day celebrations were observed on the same day as ...
Those who would have report to work if not for the holiday but did not render work are paid their regular rate. Employees required to work due to their nature of their work are paid extra of their daily rate and cost of living daily allowance depending if the holiday is a regular (200%) or a special non-working holiday (130%). [1]
The Government Service Insurance System ( Filipino: Paseguruhan ng mga Naglilingkod sa Pamahalaan, abbreviated as GSIS) is a government-owned and controlled corporation (GOCC) of the Philippines. 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 ...
Americans who receive pensions have a complicated relationship with the Social Security system due to a couple of federal rules designed to reduce excessive Social Security payouts: the Windfall...
On 30 March 2022, the draft of Universal Pensions Act was published. Finance Minister Mustafa Kamal announced on 9 June 2022 that the universal pension system would be introduced in the fiscal year 2023-2024. 6 July 2023 The National Pension Authority was constituted to implement the universal pension system.
However, employee’s contribution is 12% of the basic wage as per sec.2(b) of the act and employer’s share of contribution is also 12% of the basic wage as per sec.2(b) of the act. In employer contribution of 12%, 8.33% transfer to EPS (Employee Pension Scheme) and 3.67% transfer to EPF (Employee Provident Fund).