MANILA, Philippines — The Department of Labor and Employment (DOLE) said on Wednesday that 20…
In light of growing inflation, current wage rates are being evaluated: DOLE
In light of the nation’s rising inflation rate, the Department of Labor and Employment (DOLE) is evaluating the nation’s current wage rates.
At the National Productivity Conference of the National Wages and Productivity Commission (NWPC) on Thursday night, Labor Secretary Bienvenido Laguesma stated, “We will continue to use the existing tripartite wage mechanisms to help address the situation, and we will do so prudently.”
He said that when deciding on the issue, the perspectives of both companies and employees would be taken into account.
“We will be mindful of the need to strike a balance between the interests and requirements of both employees and employers, particularly at this early stage of our economic recovery. The cost of doing business for MSMEs (micro, small, and medium enterprises) and large enterprises alike have increased as a result of the increase in the price of food items and basic goods and services “said Laguesma.
Since inflation has reduced the real worth of workers’ earnings, labor organizations have advocated for a new round of wage increases across the board.
According to the Philippine Statistics Authority (PSA), the inflation rate reached a record high of 7.7 percent in October, surpassing the 7.8 percent recorded in December 2008.
The DOLE previously stated that all regional wage boards have already been instructed to evaluate the situation in their regions in order to determine whether another round of take-home pay adjustments is necessary.
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