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DOLE confident private firms can afford P125 wage increase

The Department of Labor and Employment (DOLE) said yesterday it is confident employers will be able to afford its proposed P125 across-the-board wage hike for workers in the private sector.

In an interview, Labor Undersecretary Joel Maglunsod claimed the amount will only comprise a small portion of the corporate profit of companies.

“This is the same amount in the pending legislation filed by different party list. If this will be granted, it will only be a 17 percent reduction in their corporate profits,” Maglunsod said.

The labor official made the assurance after the DOLE announced yesterday the start of its nationwide consultation for the implementation of the proposed P125 additional pay hike.

Labor and Employment Secretary Silvestre Bello III said the amount could still be higher or lower than the prescribed P125 by the end of the consultation being conducted by the Regional Tripartite Wages and Productivity Boards (RWTPB).

“We have to review the amount and if it will be across-the-board. We have to consult the private companies since they will be the one to be most affected by it,” Bello said.