Policy on the Increase in the Maximum Ceiling for Daily Income Benefits for Temporary Total Disability from Ninety Pesos to Two Hundred Pesos, Effective 1st November 1996

October 10, 1996ECC BOARD RESOLUTION NO. 96-10-0429POLICY ON THE INCREASE IN THE MAXIMUM CEILING FOR DAILY INCOME BENEFITS FOR TEMPORARY TOTAL DISABILITY FROM NINETY PESOS TO TWO HUNDRED PESOS, EFFECTIVE 1ST NOVEMBER 1996WHEREAS, the reserves of the State Insurance fund under the Administering Agency of the Employees' Compensation Program for the private sector, namely, the Social Security System, have been registered to have grown to FOURTEEN BILLION FIVE HUNDRED SIXTY-FOUR MILLION SEVEN HUNDRED ONE THOUSAND TWO HUNDRED EIGHTY-SEVEN PESOS (PhP14,564,701,287.00) as of 31st March 1996, owing to the prudent and judicious management thereof by the System since the inception and operationalization of the Program in January 1975; WHEREAS, the plowing back of the reserves of the SIF in liberalized benefits to workers who get sick or injured, or die arising out of and in the course of employment constitutes an operative principle in this Commission's discharge of its quasi-judicial and policy-making functions on employees' compensation;WHEREAS, this Commission is duly concerned that for certain reasons, it has been eight years ago since the ECC pegged the...