The Labor Department is urging the employers to release the 13th-month pay of their employees earlier.
DOLE Secretary Bienvenido Laguesma asked business owner to release 13th-month pay sooner although employers are allowed to give it until December 24. The Employers Confederation of the Philippines Vice President George Barcelon believes that it would be be beneficial for the economy.
DOLE Asks Business Owners to Give 13th Month Pay Early
Business Owners Urged by DOLE to Release 13th Month Pay of Employees Early
The Department of Labor and Employment (DOLE) made a plea to business owners to release the 13th-month pay of their employees earlier.
On Tuesday (November 8, 2023), Labor Secretary Bienvenido Laguesma shared this request, emphasizing that an early payout would enable employees to budget for the upcoming holiday season.
While businesses are typically allowed to provide the 13th-month pay until December 24, Secretary Laguesma suggested that they consider giving it sooner.
“Although meron silang elbow room na hanggang December 24, sana magbigay sila nang mas maaga. Kung maaari nga, unang linggo pa lang ng Disyembre nang hindi naman magkumahog ang ating mga manggagawa at kanilang pamilya sa pagba-budget,” Laguesma said.
Laguesma stressed that no one is exempt from providing the 13th-month pay, as it is a legal requirement under the law.
The Employers Confederation of the Philippines (ECOP) Vice President George Barcelon believes that an early release of the 13th-month pay would be beneficial for the economy.
“That would help boost the economy because people can get the money for their Christmas-related buying or eating,” Barcelon explained.
However, some small businesses might face challenges in providing the 13th-month pay early. “I heard that some of the micro (enterprises) are still having challenges,” said Barcelon.
For workers like Ryan Valdez, a construction worker, receiving the bonus a bit later is not a problem. Valdez plans to save his bonus in case of emergencies. “Pakonti-konti para pagtanda mayroong (paghuhugutan), kapag nagkasakit,” he explained.
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Financial expert Michael Ricaford explained that having an emergency fund is also recommended. He advised individuals should consider taking out insurance to protect their investments, such as homes, vehicles, and businesses.
The expert also advised Filipino people to consider making investments to help their money grow. He also reminds everyone to be cautious about potential scams to ensure that their hard-earned money is not wasted.
The social media users expressed their reactions to DOLE’s statement:
