House panel OKs bill letting workers choose bank account for payroll

The House Committee on Labor and Employment approved, subject to style and amendments, House Bill 7619 or the “Bank Account Portability for Workers Act” saying this lets workers weigh the attractiveness of financial products, interest rates, as well as the accessibility of banks.

The Bill’s author, Marikina City Rep. Stella Luz Quimbo said the proposed “Bank Account Portability for Workers Act” would amend for Presidential Decree Mo. 442 or the Labor Code of the Philippines. Alan Tanjusay, spokesman of the Associated Labor Unions-Trade Union Congress of the Philippines also expressed support for the bill especially since workers usually do not have bank accounts and bank savings.

“Tinitingnan namin ang panukalang ito bilang isang opportunity, binibigyan natin sila ng environment o facility na ma-encourage silang mag save ng kanilang sweldo kasi kadalasan ay nauubos kaagad yung sahod ng manggagawa,” Tanjusay said. Robert Maronilla, legal service manager of the Employers Confederation of the Philippines , meanwhile said having 5 different banks for the employees of a large enterprise would be reasonable, but 5 banks for a microenterprise would seem impractical.

Good luck payroll teams. Good luck talaga.

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