Republic Acts1 min read
Section 2Sec./Art. 2
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Section 5 of Presidential Decree No. 1752, as amended, is further amended to read as follows:
"Section 5.Fund Contributions.- Covered employees and employers shall contribute to the Fund based on the Monthly Compensation of covered employees as follows:
"Employees earning not more than One thousand five hundred pesos (₱1,500) per month - one percent (1%).
"Employees earning more than one thousand Five hundred pesos (₱1,500) per month - two percent (2%).
"All employers - two percent (2%) of the monthly compensation of all covered employees.
"For purposes of this Section, "Monthly Compensation" shall mean the basic monthly salary plus Cost of Living Allowance (COLA):Provided, however, That the maximum Monthly Compensation to be used in computing employee and employer contributions shall not be more than Five thousand pesos (₱5,000). The employer shall not be entitled to deduct from the wages or remuneration of, or otherwise to recover from the employee the employer's contribution."
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