News Flash

September 04, 2015, Friday
  • Customs Chief Bert Lina says sorry for the inspection of balikbayan boxes. 6 hours ago |
  • Suspect in the slay of DepEd Asst. Reg’l. Dir. Menguito’s wife & maid is a businessman & Menquito’s own relative. 12 hours ago |
  • Suspect in the killing of DepEd Asst. Reg'l Dir. Menguito’s wife & maid arrested in Merville, Paranaque. 12 hours ago |
  • Wife & maid of DepEd Asst. Reg’l Dir. Ponciano Menguito found dead from multiple stab wounds in their Sta. Ana, Manila home. 12 hours ago |
  • Majority Leader Neptali Gonzales says the House needs to hold 5 sessions/wk. to approve imp’t measures before the Oct. 10 break. 13 hours ago |
  • House of Representives to hold sessions from Monday to Friday beginning next week. 13 hours ago |
  • Mayon volcano now records only one volcanic earthquake a day for the past 6 months. 13 hours ago |
  • Mayon volcano’s status downgraded to Alert Level 1. 13 hours ago |
  • Cotabato Rep. Nancy Catamco denies link to PDAF scam saying she wasn’t even in Congress when the fund was misused. 13 hours ago |
  • Sandiganbayan allows Bacolod City Mayor Monico Puentevella to travel to Thailand amid a PDAF-related graft case. 13 hours ago |
  • Senate grills NTC officials on the proliferation of text scams. 18 hours ago |
  • MMDA and Quezon City Police District conduct clearing operations along Edsa-Balintawak. 18 hours ago |
  • MMDA gives traffic orientation to members of PNP Highway Patrol Group (HPG) who will man EDSA beginning Monday. 18 hours ago |
  • Earthquake drill held in Bulacan. 20 hours ago |
  • 2 PCG officers & a skipper to face criminal raps following the July 2 sinking of M/B Kim Nirvana off Ormoc City. 20 hours ago |
  • DOTC Sec. Jun Abaya checks out the assembly of MRT 3 prototype train at a depot in Pasay City. 20 hours ago |
  • At least 8 inmates bolt Lanao del Norte provincial jail. 20 hours ago |
  • DOJ Sec. De Lima says a prosecutor or a panel of prosecutors will handle the complaints filed vs. 8 INC leaders. 20 hours ago |
  • DOJ says the complaints of illegal detention & harassment filed by Isaias Samson Jr. will go through regular process. 20 hours ago |
  • Driver whose van was fired upon at Katipunan Avenue in Quezon City dies in hospital. 20 hours ago |
  • Abra-Kalinga Road to Nagpaoayan, Baay Licuan in Cordillera partially closed to traffic due to repairs. 20 hours ago |
Advertisement

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.
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by MST.ph. Comments are views by manilastandardtoday.com readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandardtoday.com. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with MST.ph editorial standards, MST.ph may not be held liable for any false information posted by readers in this comments section
comments powered by Disqus

Want Updates?

Be the first to know on what is latest from MST.ph, simply enter your email below to get started. We don’t spam dont worry!

Advertisement