Connect with us

Hi, what are you looking for?

Economy

DoLE says employers currently unable to meet wage demands

THE Department of Labor and Employment (DoLE) said Thursday that pandemic-weakened companies cannot as yet absorb a sharp rise in the minimum wage, as demanded by unions.

Labor Secretary Silvestre H. Bello III said in a televised briefing: “We have to consider so many things. We need to balance the interests of workers with that of the employers. What is important for workers right now is their status of employment. A P700 or P750 national minimum wage cannot be handled by employers right now.”

Labor groups called for an increase in the minimum wage in the wake of rising prices of basic goods.

Mr. Bello, speaking in English and Filipino, said micro, small and medium enterprises, which comprise nearly 99% of the registered businesses, will be the hardest hit by a wage hike. He said they are barely surviving due to the pandemic.

The P537 daily minimum wage in Metro Manila is equivalent to P434 when adjusted for inflation.

The nominal daily minimum wage outside the National Capital Region (NCR), on the hand, ranges from P310 to P420, falling to P234 and P333, respectively, when adjusted for inflation.

Kilusang Mayo Uno, a labor union, said it will refile its petition to increase the minimum wage in the NCR. An earlier petition had been set aside by the NCR wage board in June due to the pandemic.

A wage increase has become “more urgent” because of rising food prices, the group said.

“As of now the business community cannot afford to provide salary increases… Let the economy normalize before getting back to the bargaining table,” Emmanuel J. Lopez, dean of Colegio de San Juan de Letran Graduate School, told BusinessWorld in a Viber message Thursday.

Instead of increasing wages, he said the government should focus on properly utilizing the P4.5-trillion national budget this year to help pandemic-hit sectors bounce back.

At the briefing, Mr. Bello said more than 50,000 Filipino migrant workers have so far been inoculated against the coronavirus.

He said as many as 60,000 overseas Filipino workers (OFWs) withdrew their requests for repatriation after receiving vaccinations in their host countries.

“Of the 500,000 OFWs who asked for repatriation, some 60,000 backed out since they have already been vaccinated,” he said. — Kyle Aristophere T. Atienza

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

People walk inside the Marikina Public Market, July 28. — PHILIPPINE STAR/ MICHAEL VARCAS By Kyle Aristophere T. Atienza and Jenina P. Ibañez, Reporters...

Economy

By Kyle Aristophere T. Atienza and Beatrice M. Laforga, Reporters THE LAST TWO packages under the comprehensive tax reform program, as well as a...

Economy

THE BUREAU of the Treasury (BTr) has set a P200-billion borrowing program for August as it expects sustained demand for government securities. The BTr’s...

Economy

By Beatrice M. Laforga, Reporter THE Bureau of Internal Revenue (BIR) suspended a regulation that would have increased the corporate income tax for nonprofit...

Economy

THE World Bank (WB) and the Philippine government recently signed an agreement for the $280-million (P14-billion) additional financing for a rural development program that...

Economy

CEBU Landmasters, Inc. (CLI) is venturing into resort development as the listed Visayas-Mindanao property company disclosed on Wednesday a P2.5-billion project that will beef...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!