New Delhi: Due to the first Corona epidemic and now the Russia-Ukraine war, economies around the world are lightened by the rising prices of other commodities including petroleum. This is the reason why many countries are now adopting new ways to reduce the increasing expenditure. In this episode, the option of reducing the working days of the week is also being adopted. In many countries, it has been decided to work for four days in a week. Somewhere permanent and some temporarily.
Workday deduction instead of tax
In order to reduce the rising cost of petroleum products, now the Philippines is also considering implementing the formula of four working days in a week. In order to bring the economy devastated due to Corona back on track and to give maximum relief to the sectors affected by it, the Philippines has significantly increased the excise tax on petroleum products. The pressure on the government to withdraw it is increasing. Philippine Finance Minister Carlos Dominguez said that instead of reducing fuel tax, four working days a week are being considered to reduce expenditure. This will not only reduce the expenditure, but more and more direct help can be given to other affected areas including 50 percent poor families.
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Situation worsening due to Russia-Ukraine war
Due to the Russia-Ukraine war, the prices of crude oil have increased significantly. The Philippines imports most of its crude oil. Due to the rise in oil prices, it has to spend more foreign exchange on imports. To meet this expense, he has increased the tax.
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Many countries have adopted this formula
UAE is the first country to implement Four Working Days permanently. After this Belgium announced its implementation. It has already been run as a trial in many other countries including Scotland, Iceland, Spain. This formula to reduce the working day is being liked by the working and employed people. However, during this time the working hours are increased and in most places the salary is also not deducted.
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