House to study proposal on mandatory profit-sharing
March 21, 2012 at 11:34
MANILA, Philippines – A proposal to make profit sharing mandatory in large firms to improve the lives of workers is under study at the House of Representatives.
Northern Samar Rep. Emil Ong, committee on labor and employment chairman, yesterday said Congress must look into distribution of wealth as many are complaining that only employers are getting rich.
“Because of this, we are seriously considering to enact a law on profit sharing, and this is what the employers don’t want because their books would be opened because it would be the basis for profit sharing,” he said.
“But this (profit sharing) is good for the government also because it can ensure that the correct taxes are paid.
“If the employees are well-compensated, they’ll work more seriously and won’t be lazy and won’t ask wage increases every year.”
Meanwhile, Ong said he is optimistic the committee will approve a consolidated bill for a higher minimum wage this May.
Read the full article: https://www.philstar.com/Article.aspx?articleId=788987&publicationSubCategoryId=63
==============================================================================
By: Paolo Romero
Source: The Philippine Star, March 20, 2012
To view the original article, click here.
