Employers\ncan very well afford to raise the minimum wage to Php750 which only\nentails a small cut in their profits, research group IBON said. The\nDuterte administration should support this hike which will help\nmillions of Filipino households dependent on wages and salaries cope\nwith the rising cost of goods and services, said the group.<\/p>\n\n\n\n
Current\nminimum wages are far from IBON\u2019s estimate of the family living\nwage (FLW) needed by a family of five. The current minimum wage in\nthe National Capital Region (NCR) of Php537 is already the highest in\nthe country, but it is Php467 short of the Php1,004 FLW as of March\n2019. \n<\/p>\n\n\n\n
IBON\nsaid that raising the minimum wage to Php750 will significantly raise\nthe incomes of Filipino workers. The group\u2019s computations also show\nthat employers can afford to increase the minimum wage they pay to\nPhp750.<\/p>\n\n\n\n
In\nthe NCR, raising the average daily basic pay (ADBP) of Php562 to\nPhp750 will add Php4,095 to the monthly income and Php53,231 to the\nannual income (including 13th<\/sup> month pay) of employees.\nIBON pointed out that this will only cost Php115 billion out of the\nPhp1.17 trillion in profits of the 14,414 establishments in NCR,\nwhich is equivalent to just 9.8% of their profits.<\/p>\n\n\n\n Raising the ADBP of Php401 nationwide to Php750 will in turn add Php7,649 to employees\u2019 monthly income and Php99,432 to their annual income (including 13th<\/sup> month pay). This will cost the 35,835 establishments nationwide just Php465 billion or only 21.5% out of their Php2.16 trillion in profits, as per IBON computations.<\/p>\n\n\n\n The\ngroup stressed that meaningful wage hikes are doable if only\ncompanies were willing to accept a small cut in their profits. IBON\nalso pointed out that raising wages will not be inflationary if\ncompanies share a little more of their profits with workers instead\nof passing the wage hike on to consumers as higher prices.<\/p>\n\n\n\n These\nwere estimated using the latest Annual Survey of Philippine Business\nand Industry (ASPBI) data of the Philippine Statistics Authority\n(PSA) for enterprises with 20 or more workers. IBON however\nunderscored that the government can help micro, small and medium\nenterprises afford the wage hike by providing them tax breaks and\nincentives, cheap credit, subsidized utilities, and technology and\nmarketing support.<\/p>\n\n\n\n The\ngrowing productivity of Filipino workers is among the main drivers of\neconomic growth and they deserve a significant wage increase, IBON\nsaid. The richest individuals and biggest corporations in particular\nhave more than enough for granting wage increase. It is the\ngovernment\u2019s responsibility to ensure that workers get a fairer\nshare of the gains from economic growth rather than have these gains\nconcentrated in the hands of a few, concluded IBON.###<\/p>\n\n\n\n Employers can very well afford to raise the minimum wage to Php750 which only entails a small cut in their profits, research group IBON said. The Duterte administration should support this hike which will help millions of Filipino households dependent on wages and salaries cope with the rising cost of goods and services, said the […]<\/p>\n","protected":false},"author":3,"featured_media":7977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[14],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/posts\/7976"}],"collection":[{"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/comments?post=7976"}],"version-history":[{"count":2,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/posts\/7976\/revisions"}],"predecessor-version":[{"id":7980,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/posts\/7976\/revisions\/7980"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/media\/7977"}],"wp:attachment":[{"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/media?parent=7976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/categories?post=7976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/tags?post=7976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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