No social security for 40% of labor in informal bloc

More from author

Sunken ship owner eyeing own S&R for missing crew

The owner of Gulf Livestock 1, which sank earlier this month near Japan, now plans to mount its own search and rescue operation to find its ship’s missing crew.

NEVER AGAIN | Labor, other groups mark martial law anniversary with protest

LABOR and civil society groups will hold a protest on Monday morning to reject what critics see...

Govt could still buy vaccines from Western suppliers even after Duterte’s swipe

The government could still buy Covid-19 vaccines from Western countries even after President Rodrigo Duterte lambasted some...

ALMOST half of the country’s vulnerable informal sector workers do not have social security coverage, according to a new study presented at the recently concluded 14th National Convention on Statistics (NCS).

The study, entitled “Uncovering the Social Security Coverage of Informal Sector Operators and Workers Using the Philippine Finance Survey,” said 40 percent of workers belonging to the sector are thus vulnerable to sudden changes in their employment status.

The study by Ian Miguel D. Landrito, Willa Boots J. Tolo and Christian D. Mina made use of the Consumer Finance Survey (CFS) of the Bangko Sentral ng Pilipinas in 2014.

The CFS covered 15,503 household and covered data on assets, liabilities and demographics.

For the purpose of the study, the researchers defined informal sector workers as those belonging to household unincorporated enterprises; own account workers, including unpaid family, as well as occasionally/seasonally hired workers; and employers owning business that may employ less than 10 employees. “Around 2 out of 5 informal workers [covered by the CFS] are not social security-covered,” the study said.

Most of those belonging to 60 percent, who do have social security protection at that time, are covered by the Philippine Health Insurance Corp. (PhilHealth).

Very few of them have any retirement plan.  The bulk of these informal workers belong to the following sectors: agriculture, hunting and forestry; other service activities; and construction.

The study said the low social security coverage of informal sector workers could be addressed by providing them more information on health insurance and retirement products.

“Education level may increase the probability of an informal worker to be covered [with social protection],” the study said.  The Philippine Statistics Authority (PSA) held the 14th NCS earlier this month at the Crowne Plaza Manila Galleria to showcase data-intensive studies.

Image credits: Nonie Reyes



- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More updates

Cleanfuel announces price adjustments for diesel, gasoline

Cleanfuel will implement fuel price adjustment, effective Tuesday, September 22, 2020 at 4:01PM.
- Advertisement -

DOH alarmed over crowds of people converging in Manila Bay

The Department of Health (DOH) on Monday expressed alarm after hundreds of people flocked to see Manila Bay's "white sand" over the weekend.Health Undersecretary Maria Rosario Vergeire said that as soon as they received information and saw pictures on social media of people disregarding minimum health standard protocols, particularly the one-meter social...

‘Calamity’ extension raises spending alert

THE extension of a declaration of national calamity for one year bodes well for the economy, economists said, but they strongly advised the government to practice judicious spending. They said the extension of the national calamity status will enable both the national and local governments to immediately tap funds...

Duterte to raise WPS and human rights issues in address at UNGA

PRESIDENT Duterte will raise the issue of the country’s arbitration award in the West Philippine Sea (WPS) as well as the government’s war on illegal drugs during the virtual general assembly of the United Nations (UN) for its 75th anniversary on Tuesday. In an online briefing, Presidential Assistant on...

Deutsche sees BSP keeping policy rates till 2021

THE Bangko Sentral ng Pilipinas (BSP) is likely to keep key policy rates at the same level until next year, according to a study. The Deutsche Bank research noted in a report on Monday that the Central Bank is not seen changing its policy stance until the third quarter...
- Advertisement -

In case you missed it