BY MARCHEL P. ESPINA
The Department of Labor and Employment in Western Visayas is urging private companies to utilize digital transactions to pay the wages and benefits of their employees, Cyril Ticao, DOLE 6 director, said yesterday.
He said this is a safer alternative to the physical exchange of bills and coins since it reduces physical contact and minimizes transmission or the spread of viruses.
Transaction accounts also reduce costs and risks of physical cash disbursements as well as lessen the threat amid the Covid-19 pandemic, he added.
“Considering the security, safety and financial inclusivity of using transaction accounts, the DOLE suggests through Labor Advisory No. 26 that private sector employers explore this medium as a preferred mode of payment of wages and other monetary benefits,” Ticao said.
Employers may give employees with existing accounts the option to receive their wages and other monetary benefits through their accounts or if not feasible, assist the employees in opening transaction accounts in the bank or any e-money issuers where the employer maintains an account, he said.
Ticao reminded employers that there should be no additional expenses or fees or diminution of wages and other monetary benefits in opening an account.
In using this medium, employers are still required to comply with existing laws, including the issuance of pay slips or records of payment and deduction, he added.*