World

A 4-day work week to deal with rising costs in this country

The labor department has also proposed a three-month salary allowance.

Philippine economic managers rejected calls for a suspension of excise duties on petroleum products instead of asking for more subsidies and a shorter working week to reduce costs to affected sectors.

The government expects to raise 131.4 trillion pesos ($ 2.5 billion) this year from excise taxes on fuel, Finance Secretary Carlos Dominguez said in a televised statement on Wednesday. Some lawmakers and transportation groups said the rejection of the tax suspension request would reduce this year’s revenue by 0.5% of gross domestic product.

Instead, Economic Planning Secretary Karl Chua called for more direct assistance to the affected sectors, including the poorest 50% of households. He also proposed a four-day work week to cut costs for companies and workers, a move in the wake of oil spills in the past. The labor department has also proposed a three-month salary allowance.

Russia’s attack on Ukraine has boosted oil prices, and it has sent shock waves, including the Philippines, which imports most of its fuel needs. The rise in commodities slowed as attention in China shifted from Covid-19 to a possible reduction in demand.

Other highlights

  • Dominguez said that the suspension of a special tax on fuel will increase this year’s deficit to 8.2% of GDP from the forecast 7.7% and the debt rate to 61.4% of GDP from an estimate of 60.9%.
  • The government will collect 26 billion pesos in the value-added tax on gross Dubai for an average of $ 110 per barrel.
  • Chua said a 1.25-pound rise in jeepney prices will add 0.4 percentage points to inflation, and a 39-pound increase in the daily minimum wage in the capital region will add 1 percentage point.
  • The Department of Labor is demanding the approval of a $ 24 billion grant that could last three months to benefit one million employees, said Undersecretary Dominique Tutay.

–With the help of Ditas López.

(Except for the title, this story was not edited by NDTV staff and was published from a union feed.)

Agrasmartcity

Welcome to India's Largest news platform, I assure you that we daily update on Global news which helps you to grow your knowledge.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button
AllEscortAllEscort