Understanding Employee Retirement Plans
Retirement plans are an important consideration for employees and businesses in the Philippines. These plans provide financial security and stability during an […]
Author: Raymund Zalamea
Why Employers Should Explore Work from Home Scheme in 2020
There was a time when working from home was just a vivid dream, but recently, there’s been a surge of jobs you […]
Issuance of Certificate of Employment and Release of Final Pay (2020)
The new Labor Advisory No. 6 Series of 2020, was released last January 31, 2020 by The Department of Labor and Employment. […]
Retirement Liability Under PAS 19
What are the reasons for the increase in the retirement liability?
What is the Annual Normal Cost (ANC)?
The ANC is the required current contribution of the Company for the service to be rendered by the employees for this year.
What is the Past Service Liability (PSL)?
The PSL is the liability of the company for the services rendered by their employees from date of hire to valuation date. […]
International Accounting Standards (IAS) 19 Explained
Below is an excerpt about International Accounting Standards (IAS) 19 taken from Deloitte. IAS 19 Employee Benefits (amended 2011) outlines the accounting […]
The Philippine Retirement Pay Law (RA 7641)
RA 7641 prescribes minimum retirement benefit that companies must pay eligible retiring employees.
Tax Advantages of a Retirement Plan
Since RA 7641 does not require companies to set up formal retirement plans, why, then, should the consider doing so?