There is a widespread hiring of Filipino workers in the crypto market. But there is also a deeper reason behind that. If you ever had to communicate with the customer support for any cryptocurrency-related issue, then you must have had to come across Filipino employees trying to solve your problems.
But let’s dig deeper into the issue to understand the reasons behind the over-hiring of workers from the Philippines. Widespread English-speaking population and cheaper wages has made the Filipinos a preferable choice for the crypto market. But this raises the question: are these workers being exploited by this new-age market? Industry employers explain that this disparity in wages is because of lower cost of living in the Philippines.
Cheap Labor Makes Filipino Workers Preferable For Crypto Markets
The ongoing pandemic has also led to the increase in remote workers. It seems that growing companies are making the most out of the situation. More and more employers are shifting to Filipino workers to cut down on overheads expenditure. For instance, if an Australian worker gets paid $70,000, then a Filipino worker will get paid $10,000 for the same work.
The ethics behind such pay has been put under question by many people. The founder of the Bitpinas crypto news website, Mike Mislos talks about a different angle of assessing the situation at play. He mentions that local Filipinos are appreciating this hiring shift. He says that even though they are getting paid much less than the average mean wages of workers in other places, it is still more than what these local Filipinos could earn in their country otherwise.
He further talks about the reason behind the Philippines being the most preferred destination for these crypto companies. It has the perfect blend of cheap labor and a population that has an advanced English proficiency, making the country the second-largest economic driver in the world.