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July 30, 2015, Thursday
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  • Coloma says Pres. Aquino already delivered a nationwide address for SAF 44 in February 6 this year. 19 hours ago |
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  • Coloma says Pres. Aquino had already mentioned SAF 44 during PMA graduation in Baguio City last March. 19 hours ago |
  • Coloma insists Pres. Aquino has not forgotten the massacre of SAF 44. 19 hours ago |
  • Sr. Insp. Ryan Pabalinas' wife Erica says Pres. Aquino seems to have abandoned the quest for justice for SAF 44. 19 hours ago |
  • 'SAF 44' Sr. Insp. Ryan Pabalinas' wife Erica says Pres. Aquino could have at least thanked SAF 44 during SONA. 19 hours ago |
  • 'SAF 44' Sr. Insp. Ryan Pabalinas' wife Erica laments that Pres. Aquino forgot about SAF 44 in his SONA. 20 hours ago |
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Profit-sharing bill approved; workers assured of 5%

By Maricel Cruz | Feb. 14, 2013 at 12:01am
A panel in the House of Representatives has approved a measure mandating private companies to give five percent of their net profit to their employees.

The House committee on labor and employment chaired by Northern Samar Rep. Emil Ong said  that the profit-sharing scheme provided under House Bill 4972 would improve the purchasing power of the workingman and boost the economy.

He said the measure will complement the conditional cash transfer program of the government.

“Whether they are managerial, supervisory or rank and file, all regular employees shall annually receive five percent from the income of the company as their share,” Ong said.

Ong said productivity would be enhanced, as the additional income will boost the morale of the workingman.

Whatever the employer gives by way of profit sharing shall be deducted from the income tax liability of the said company, Ong said.

“The employers will now be more transparent and on time in submitting their income tax returns as their employees will be more vigilant so that they are not shortchanged, thus, will result in better tax collections for government,” Ong said.
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