EMPLOYERS were recently urged by the Department of Labor and Employment (DOLE) to help workers open bank accounts.
DOLE said workers can also be assisted by employers in opening accounts in any E-money issuers (EMIs) where the latter maintain accounts.
In the Labor Advisory No. 026 series of 2020, Labor Secretary Silvestre Bello III encouraged private companies to utilize transaction accounts to pay employees' wages and other monetary benefits.
Under Article 5 of the Labor Code, as amended, the advisory aims to enable private companies to pay wages and other monetary benefits without delay and to give employees access to financial services for the promotion of their welfare.
Bello said that aside from being a safe mode for fund transfer, using transaction accounts is financially inclusive.
"Paying wages and monetary benefits of workers the digital way helps the government promote financial inclusivity," Bello said.
In using this medium, however, Bello said employers are still required to comply with existing laws including the issuance of payslips or records of payment and deduction.
