INCREASING the minimum wage for workers would not bankrupt all businesses in the region, according to an official from the Trade Union Congress of the Philippines (TUCP).
INCREASING the minimum wage for workers would not bankrupt all businesses in the region, according to an official from the Trade Union Congress of the Philippines . Luis C. Corral , vice president of TUCP and Associated Labor Unions , explained to SunStar Davao on July 29, 2024, at the Bai Hotel Cebu, Mandaue City, that studies indicate only 10 percent of companies' profits would be affected by a wage increase.
Additionally, businesses with fewer than 10 employees are automatically exempt from minimum wage orders under the Barangay Enterprise Act.Corral stressed that most business closures are due to uncompetitiveness rather than wage increases.The TUCP has called on the House of Representatives to pass House Bill 7871, the Wage Recovery Act of 2023, proposing a nationwide P150 daily wage increase for private sector workers.
Minimum Wage Increase Wage Increase Minimum Wage Increase Impact TUCP Luis C. Corral Wage Increase Argument Philippines Wage Increase Proposals Wage Recovery Act Of 2023 Regional Wage Board
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