Sample Cash Bond Agreement Philippines

LAGAWE, Ifugao, August 3 (PIA) – A labour inspector from the Regional Office of the Ministry of Labour and Employment (DOLE) has warned employers in that province that they are prohibited from requiring their employees to borrow cash or guarantee cash to account for the loss or deterioration of materials or equipment provided by employers. Mark Anthony Tungpalan of DOLE stated that this is provided for by the DOLE Department Advisory Advisory 11-14, which provides for “non-interference in the elimination of wages and under-allotment in the form of cash contributions for employees.” Tungpalan explained that the deduction or cash contribution of employees in the event of loss or deterioration of tools, materials or equipment provided by the employer is only permitted in private security authorities as a recognized and reasonable sectoral practice because of the nature of their activity or service. The central idea is that no employer may restrict or infringe the worker`s freedom to dispose of his wages, unless the upstream tax deduction is authorized by law, including the deduction of the insurance premium advanced by the employer on behalf of the employee, as well as union dues, where the right to the decimal place has been recognized by the employer or authorized by the worker himself. , or if the deduction is made with the worker`s written permission for payment to a third party and the employer agrees to do so, unless the employer receives financial benefits directly or indirectly from the company. Other unauthorized deductions are deductions on employees` salaries for corporate uniform, cash deposits for loss or damage, personal protective equipment, capital or capital creation in service co-operatives, training fees and other deductions that are not included in the list of exceptions. In order for the deductions to be valid in private security authorities, it is clearly established that the employee concerned is responsible for the loss or damage. The worker has a good opportunity to explain why the deduction is not provided and the deduction of the worker`s salary does not exceed 20% of the worker`s salary in one week. Tungpalan stated that unauthorized deductions made by the employer prior to this recommendation issued on September 3, 2014 are not considered an offence or an unlawful deduction. IFugao Ask lng po kailan ba dapat makukuha ang cash bond bond pagkatapos ho mag.end contract? The advisor stressed: “In the event that a private security agency requires a cash deposit from its employees, the maximum amount cannot exceed the worker`s base salary of one month and be deducted from his salary, which must not exceed 20% of the worker`s salary in one week.” “We will protect workers. That`s DOLE`s role. We help them and talk to management to make the cash loan collected. Workers should not be afraid to report these illegal acts, because they are your rights,” he said.

Employment borrowing is an agreement or contractual document containing all the conditions of employment agreed upon by a worker and the employer. This type of contract or loan mainly includes the minimum duration of work and, in certain circumstances, salary, employment profile, designation, etc. In the event of authorized deductions, the amounts paid must be returned to staff. “If the employment contract has expired or they have already resigned from their positions, their cash obligations should be repaid in full, especially if they have no financial responsibility to employers,” Maglunsod said. 7. The company may terminate this contract in writing at any time before the agreed deadline expires, with a one-month period. The company can terminate your contract at any time if you – The Ministry of Labour and Employment (DOLE) has again warned employers against illegally collecting cash obligations from their employees.