Should the Retirement Age in the Philippines be Lowered to 56?

Should the Retirement Age in the Philippines be Lowered to 56

The retirement age in the Philippines is 60. Once a Filipino reaches that age, he or she gets medical privileges, discounts, income tax exemptions, and educational privileges. But a bill has been recently filed urging the retirement age to be lowered to 56.

Representatives Rodel Batocabe, Christopher Co, and Alfredo Garbin Jr. have filed a bill to amend the existing Republic Act 7432, or the “An Act to Maximize the Contribution of Senior Citizens to Nation Building, Grant Benefits and Special Privileges and for Other Purposes.”

The amendment, called HB 136, states that “employees who have reached the age of 56 [should be] eligible for retirement benefits under governing laws regardless of their position, designation or status and irrespective of the method by which their wages are paid.”

The lawmakers explained that those aged 56 already experience age-related ailments and other physical limitations, and that the changes in lifestyle make them more vulnerable today.

If this pushes through, newly-minted senior citizens will have more time to enjoy their benefits. At the same time, younger professionals will have a chance to advance in their career if older professionals retire.

Do you want to move the retirement age to 56? Share your thoughts below!

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