Congratulations on your new job! Aside from becoming gainfully employed, you are now entitled to a variety of benefits. What are they? Are there enough? What can you do to cover any gaps in your health coverage and address other concerns?
We’ll look at the key benefits employees have in the country and how insurance plans in the Philippines can help you protect everything important to you.
Benefits Guaranteed by Philippine Law
Employees in the Philippines, whether in the private or public sector, are entitled to a set of benefits. While these hold for every regular worker, even contractual ones or those on probation can be entitled to them. Here are the various benefits ensured by Philippine labor laws:
- SSS or GSIS for private and public sector employees, respectively. These primarily cover retirement benefits, but often offer other services. For example, the SSS offers a salary loan to its members.
- PhilHealth offers affordable healthcare. It covers inpatient and outpatient care, maternity services, and specialized support for certain serious conditions.
- Pag-IBIG. Also known as the Home Development Mutual Fund, it offers financial support for housing. It has recently offered additional services, such as loans for other financial needs.
- Leaves. The law only mandates five (5) days of what’s called a Service Incentive Leave. Additionally, the Labor Code ensures 105 days of Maternity Leave for female employees and 7 days of Paternity Leave.
- 13th Month Pay. You are entitled to an extra month’s worth of pay every year. If you’ve worked for your new employer for less than a year, this is calculated “pro-rated” or counted depending on the number of months you’ve been with your new employer.
Additionally, employers may offer you a private HMO. These often cover checkup services, treatment for serious illness, and emergency response. Some employers can even offer coverage for eyewear and dental services.
Most employers also offer more than the five SILs and additional bonuses beyond the 13th month, like Cost of Living Allowances (or COLAs), meal allowances, and even clothing subsidies.
These additions are not mandated by Philippine labor laws but are often offered by employers as incentives to reduce turnover and attract top talent.
Strengthening Your Employee Benefits with Additional Protection
While these can be comparable to those in some Western countries, these benefits are often basic and have certain challenges.
For example, retirement benefits from SSS or GSIS and medical coverage from PhilHealth might not be enough. The cost of living can skyrocket in an instant, and medical bills can rack up.
You can supplement these mandated benefits by getting some of your own.
Why Consider a Personal HMO?
You can always get your own HMO plan alongside the one offered by your employer. This is often a good option if you have special conditions that require additional coverage beyond what your work HMO provides, or if you want added protection for high-risk jobs such as industrial work or driving for a TNVS in case of accidents and other mishaps.
Many modern HMOs can now be tailored to almost any budget and do not need to be expensive.
If you are still apprehensive about paying out of pocket for your own HMO when your employer already gives you one, you might want to check out something called Prepaid Insurance. Check out our full guide on this here.
Protecting Your Vehicle Beyond Basic Coverage
If you rely on a work vehicle and own it, you already know it comes with insurance. But CTPL only covers any harm or damage to a third party.
No matter how careful you are as a driver, the sheer number of vehicles on Philippine roads, their condition, and even factors like long work hours and fatigue can lead to accidents.
For this reason, you might want to seriously consider getting additional insurance that provides broader coverage for damages, including those caused by weather and other disasters.
If you’re a new driver, you might want to check out our guide just for you here.
Why Getting Insurance Early Pays Off
While your available funds might be limited, especially if you’re new to the workforce, getting protection early is always best. Some factors to consider include:
- Getting insurance while you’re healthy makes for lower premium costs.
- Younger people often pay less than older ones
- It helps protect your future savings from being used to cover accidents
Many insurance plans can also be bundled with investment products and other financial solutions that help grow your money. These are often best taken while you’re younger, as it gives the fund more time to grow substantially.
Choosing the Right Protection for Your Future
How you supplement your mandated benefits could require setting priorities. Do you invest in additional health and accident protection, or just rely on what you’re given by your employer and focus on protecting other areas of your life, or even go all out on an investment product?
Ultimately, it depends on what you feel safe with, the options available to you, and what you think will best serve your interests and those of your loved ones.
Reliable Insurance Brokers is ready at any time to help you choose the best coverage for your needs within your budget. Just give us a call when you wish to know more about insurance products, and we will guide you through the selection process.
Contact Information for Inquiries and Support
If you have any questions or need assistance with your insurance, feel free to reach out to us:
- Call: +63 2 8631 9285 to 86
- Mobile: +63 917 138 5120
- Email: info@reliable-insurance.ph
- Messenger: m.me/reliable.insurancebrokersph
Sources:
- Paywatch (2025, April 10), 9 Employee Benefits in the Philippines: All You Need to Know.
- Maria Health (2022, February 2). What is the difference between prepaid health cards and comprehensive plans?
- Moneymax (2022, September 7), First Time Driver? Get the Right Car Insurance with These Smart Tips.
- World of Finance (No Date), A Revolution In Retirement Planning For The Philippines.
- Alliance PNB (No Date), Debunking the Common Life Insurance Myths in the Philippines
