Only one in five companies in the Philippines are preparing its employees well for retirement, according to the latest Retirement Survey Report conducted by asset management firm Mercer.
As per Republic Act No. 7641 or the Retirement Pay Law, retiring employees are entitled to receive a retirement pay equivalent to at least one-half month’s salary for every year of service rendered, a fraction of at least six months being considered as one whole year. The one-half month’s salary is defined as “15 days plus one-twelfth of the 13th month pay and the cash equivalent of not more than five days service incentive leaves.
“This includes offering a more flexible set of benefits so employees can fully maximize them and reduce their out-of-pocket expenses, which can improve savings,” he said. “In addition, they can also increase personal financial planning awareness during bonus seasons to build a culture for preparing and risk-proofing the future.
Because of this, employers should now assess the impact of pension reforms and decide which approach is best for their workplace profile, Tan said.
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