Is Your Current Payroll Solution Meeting Your Business Needs in the Philippines?

As the Philippines is one of the most rapidly growing economies in the world, businesses located in the Philippines or having employees working from the Philippines must have a robust payroll solution that meets their unique needs. Moreover, as the country has a unique set of strict laws and regulations for payroll, businesses need to ensure compliance with all the related laws.

However, as a business grows and evolves, its payroll needs also change. And to align with them, businesses need to make sure that the payroll solution they choose is flexible and scalable and meets their changing needs. Some businesses may not know how to evaluate their current payroll solution to see if it meets their evolving business needs.

Below we’ve outlined a few key factors to consider while evaluating a payroll system in the Philippines:

Compliance With the Philippine Labor Laws

Businesses should make sure that their current payroll solutions provider is compliant with Philippine labour laws and regulations. The Philippine government has various laws concerning payroll, including:

The Labor Code of the Philippines: It sets the minimum wage and regulates overtime, working hours and holiday pay.

Social Security System Law: It requires employers to contribute to the SSS, which provides retirement, health, and disability benefits to employees.

PhilHealth Law: It requires employers to contribute to PhilHealth, which provides healthcare benefits to employees.
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