A brand new world of misery awaits Filipino workers in the informal sector when they reach retirement age and are no longer economically productive. Know more:
She said eight of every 10 workers are informally employed and therefore not covered by labor laws and mandated to become members of the Social Security System .
Cabegin said such legislation will allow more informally employed people to afford SSS membership, granting them not only pension in the future but also a much-needed social security coverage to boost their current productivity such as sickness benefit, maternity benefit, unemployment benefit, among others.
With the country’s declining fertility rate, Cabegin said the country’s pension system will eventually be strained by shifting demographics. “It will be more difficult for a lower working age population to support a bigger elderly population,” she said.
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