Thursday, May 7, 2009

a Magna Carta for Informal Sector Workers

What a great idea. The Business Mirror has the details of this terrific and catchy proposal that's currently being debated in the Philippines.

Key details:
1. Under the Magna Carta, informal-sector workers will be required to pay no less than P50 ($1) but not more than P100 ($2) as a registration fee in exchange for a license to operate and benefits, such as health and accident insurance, and other social protection schemes that will be granted to the informal-sector workers.
2. the government could raise from P1.23 billion to P2.46 billion (in US dollars, from $26 million to $52 million) in taxes

According to 2005 stats, the Philippines has 24.6 million people working in the informal economy, while formal-sector workers number just 5.3 million.

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