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.
Tax Code of the Philippines: This law regulates the collection of taxes, including income tax, which employers must withhold from employee salaries and remit to the government.
Failure to comply with these laws can result in legal issues and penalties, which can be time-consuming and costly.
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