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DTI seeking to add pension portability to anti endo bill

from August 16, 2019 01:00 am to August 16, 2019 01:00 am

 

https://www.bworldonline.com/dti-seeking-to-add-pension-portability-to-anti-endo-bill/?fbclid=IwAR0ypENpdwmF9r7pj6sDO9CNDec8QVVL5C3KKYhYFd8gV4lnZq95kPTAp1M

THE TRADE DEPARTMENT is seeking to add provisions to the Security of Tenure (SoT) bill making workers’ pensions portable when they transfer jobs, Secretary Ramon M. Lopez said.

Mr. Lopez told BusinessWorld he will propose as part of the SoT Bill the portability of pensions should workers transfer jobs, keeping their built-up contributions intact even when they seek other employment.

“For example, mag-resign ka ngayon tapos ang retirement fund nandu’n pa rin kaya paglipat mo sa isang kompanya, itutuloy mo pa rin ‘yun (you can resign now then the retirement funds will still be there for you to continue contributing to even if you move to a different company),” he said.

Mr. Lopez added that providing workers’ security is not just prioritizing the regular status of workers but also addressing their retirement security as well.

The SoT Bill was vetoed by President Rodrigo R. Duterte on July 26, citing the bill’s failure to grant employers sufficient flexibility in determining which jobs can be outsourced to contract workers. Mr. Duterte added the bill should not sacrifice the viability of companies in order to safeguard investments.

The SoT bill was re-filed at the Senate and House recently while the Department of Labor and Employment (DoLE) is set to submit its own version to Congress by the end of this month. — Gillian M. Cortez