Bill Type
Congress Name
Long Title
AN ACT MANDATING EACH BUSINESS ENTITY, CORPORATION, FIRM, RETAIL OUTLET, ESTABLISHMENT AND ENTERPRISE IN THE PRIVATE SECTOR TO SHARE TEN PERCENT (10%) OF ITS ANNUAL NET PROFITS TO ITS RESPECTIVE EMPLOYEES AND WORKERS OVER AND ABOVE WHAT THEY RECEIVE AS WAGES AND OTHER BENEFITS PURSUANT TO EXISTING LAWS, ESTABLISHING THE MECHANISM AND PROPER STANDARDS THEREFOR, AND FOR OTHER PURPOSES
Text as filed (link)
Date filed
April 18, 2005
Scope
Legislative History
| House Bill/Resolution NO. HB04193 |
| FULL TITLE : AN ACT MANDATING EACH BUSINESS ENTITY, CORPORATION, FIRM, RETAIL OUTLET, ESTABLISHMENT AND ENTERPRISE IN THE PRIVATE SECTOR TO SHARE TEN PERCENT (10%) OF ITS ANNUAL NET PROFITS TO ITS RESPECTIVE EMPLOYEES AND WORKERS OVER AND ABOVE WHAT THEY RECEIVE AS WAGES AND OTHER BENEFITS PURSUANT TO EXISTING LAWS, ESTABLISHING THE MECHANISM AND PROPER STANDARDS THEREFOR, AND FOR OTHER PURPOSES |
| SHORT TITLE : Mandatory Profit Sharing Act of 2005 |
| ABSTRACT : "Mandatory Profit Sharing Act of 2005". The bill mandates private business entities to set aside 10% of their net profits to be given to employees as a cash gift over and above wages and benefits. |
| PRINCIPAL AUTHOR/S : DOMOGAN, MAURICIO G. |
| DATE FILED : 2005-04-18 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Gidaya (074 ) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON LABOR AND EMPLOYMENT ON 2005-04-26 |
Abstract
"Mandatory Profit Sharing Act of 2005". The bill mandates private business entities to set aside 10% of their net profits to be given to employees as a cash gift over and above wages and benefits.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.