Indemnity pays hastened
State-owned Land Bank of the Philippines or LandBank, the Overseas Filipino Bank, or OFBank and the Department of Migrant Workers have joined forces to expedite the delivery of indemnity claims to overseas Filipino workers displaced by the bankruptcies of Saudi Arabian construction companies in 2015 and 2016.
The collaboration will integrate and streamline the processes of LandBank and OFBank with the DMW, to fast-track the processing and crediting of checks as compensation for the unpaid wages and other benefits of affected OFWs, including the claimant families of eligible workers already deceased.
As of 29 February 2024, LandBank and OFBank have credited a total of 1,211 checks to affected OFWs amounting to $16.4 million.
LandBank president and CEO and OFBank chairperson Lynette V. Ortiz, OFBank OIC Reo Andarino, and DMW OIC-Secretary Hans Leo Cacdac led the signing of the tripartite memorandum of agreement at the DMW Office in Pasig on 1 March. Witnesses include DMW Undersecretaries Maria Anthonette C. Velasco-Allones and Bernard P. Olalia, alongside LandBank executive vice president Liduvino S. Geron and OFBank relations officer Jose Aryiel G. Castor.
Firms receptive to talents
As the employment landscape starts to rapidly evolve, the newly released Jobstreet by SEEK 2024 Hiring, Compensation and Benefits Report revealed that more companies are open to offering new forms of compensation and benefits to attract and retain top talents.
This resulted in additional benefits, shifted priorities and most notably, salary increases.
To obtain this data, Jobstreet by SEEK surveyed over 680 hiring professionals from local companies of varying industries, roles and sizes. The study was conducted in September 2023 to help hirers revolutionize employment through creating innovative solutions and valuable insights into the future of work.
“The current age of employment is here and it is progressing exponentially day by day, and as we see it, 2024 is a very promising year for the job market. We hope this new report will be able to guide our hirers and candidates in navigating the ever-dynamic world of work,” said Dannah Majarocon, managing director, Philippines, Jobstreet by SEEK.
The report also shows that a 41 percent decline in confidence was seen for the second half of 2024.