Compensation and Benefits Orientation

Summary

This orientation video discusses the compensation and benefits for employees, detailing company-provided perks like life insurance, paternity leave, and solo parent leave, as well as government benefits from agencies like SSS, Pag-ibig, PhilHealth, and BIR. It covers the specifics of each benefit, eligibility criteria, and the importance of understanding these for financial and personal well-being.

Takeaways

• 💼 Compensation and benefits are managed by the human resource department, with responsibilities varying by company size, industry, and HR structure.
• 🏥 Company benefits include life insurance, paternity leave, expanded solo parent leave, Magna Carta of Women, and anti-violence against women and children.
• 💰 Government benefits are provided through agencies like SSS, Pag-ibig, PhilHealth, and BIR, covering social security, housing loans, health insurance, and tax collection.
• 👨‍👩‍👧‍👦 Life insurance benefits offer financial support to dependents in the event of an employee's death, with a 50% payout available to beneficiaries.
• 👶 Paternity leave allows fathers time off to bond with and care for a new child, with a full-pay provision for seven days.
• 🏡 Expanded solo parent leave provides additional time off for solo parents to address the unique challenges of raising children without a partner.
• 🚫 The Magna Carta of Women aims to eliminate discrimination and promote gender equality, protecting women's rights in various aspects of life.
• 🛡️ Anti-Violence Against Women and Their Children Act of 2004 protects women and children from domestic violence, with a provision for a 10-day paid leave.
• 🏥 SSS provides social security protection with benefits for retirement, disability, sickness, maternity, and death, as well as various types of loans.
• 💉 PhilHealth ensures affordable and quality health services, requiring members to stay updated with their contributions for eligibility.

Q & A

What is the role of the compensation and benefits function within a company?

The compensation and benefits function is a part of the human resource department, responsible for managing and administering employee rewards programs, which may include life insurance, paternity leave, and various other benefits.

What are the two main categories of employee benefits mentioned in the script?

The two main categories of employee benefits are company benefits and government benefits.

What is the purpose of life insurance or bereavement benefit provided by the company?

Life insurance is a financial assistance benefit provided to individuals or families who have experienced the death of a loved one from the company, designed to offer support during the grieving period and help alleviate some financial burdens.

How many days of paternity leave can a male employee get, and what are the conditions to avail this benefit?

A male employee can get seven days of paternity leave with full pay. The conditions include being legally married to the mother of the newborn, being an employee at the time of birth or miscarriage, and applying for paternity leave within a reasonable time.

What is the expanded solo parent leave, and what are the requirements for availing this benefit?

The expanded solo parent leave is an extended time off work provided to solo parents to fulfill their caregiving responsibilities. The requirements include having rendered at least six months of service, presenting a solo parent identification card issued by the DSWD, and notifying the employer within a reasonable period of time.

What is the Magna Carta for Women, and how does it relate to employee benefits?

The Magna Carta for Women aims to eliminate discrimination against women and promote their empowerment and gender equality. It serves as a legal framework to protect and promote women's rights, which can be reflected in employee benefits related to gender equality and anti-discrimination.

What is the Anti-Violence Against Women and Their Children Act of 2004, and what benefit does it provide for victims?

The Anti-Violence Against Women and Their Children Act of 2004, also known as the VAWC Act, is legislation that addresses violence against women and children. It provides victims with the right to take a paid leave of absence of 10 days.

What is the service incentive leave, and who is eligible to avail this benefit?

The service incentive leave is a yearly service incentive of five days with pay for operators. Employees who have rendered at least one year of service are eligible to avail this benefit.

What are the main purposes of the Social Security System (SSS) in the Philippines?

The main purposes of the SSS are to provide benefits and financial assistance to its members in various life situations such as retirement, disability, sickness, maternity, and death.

What are the qualifications for availing the SSS sickness benefits?

To avail SSS sickness benefits, a member must be confined either at home or hospital for at least four days, with at least three monthly contributions in the 12-month period immediately preceding the semester or sickness.

What are the maternity benefits provided by SSS, and what are the qualifications for availing them?

Maternity benefits include paid leaves for expectant and new mothers. Qualified members or employees must have at least one year and six months of contribution immediately preceding the semester of birth or miscarriage and should notify SSS through their employer of their pregnancy within 60 days.

What is the salary loan from SSS, and what are the qualifications for availing this benefit?

A salary loan, also known as a payroll loan or salary advance, allows employees to borrow money against their future salaries. The qualifications include having at least 36 monthly or three years of contribution with the latest six months posted under their current coverage or membership.

What are the requirements for availing the multi-purpose loan from PAG-IBIG?

To avail the multi-purpose loan from PAG-IBIG, members should have made at least 24 monthly contributions with the latest six months contribution.

What is the role of the Philippine Health Insurance Corporation (PhilHealth), and how can members become eligible for its benefits?

PhilHealth provides health insurance coverage and benefits to ensure access to affordable and quality health services. Members become eligible for benefits by paying at least a total of nine months premium contribution within the immediate 12 months period prior to the first day of confinement or hospitalization.

What is the significance of updating civil status with the Bureau of Internal Revenue (BIR), and what should employees do if their status changes?

Updating civil status with the BIR ensures accurate tax records, proper determination of tax obligations, and compliance with tax laws and regulations. Employees should apply for a change of status in the BIR to maintain transparency, avoid potential issues, and receive appropriate tax benefits and deductions based on their current civil status.