Retirement Law In The Philippines In Phoenix
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RA No. 7641, commonly known as the Retirement Law, grants an employee retirement benefits upon reaching the age of 60 years but not beyond 65 years, which is the compulsory retirement age, provided such employee has served at least five years and the retirement benefits are availed of only once.
The Philippine Retirement Authority (PRA) is a government-owned and controlled corporation mandated to attract foreign nationals and former Filipino citizens to make the Philippines their second home or retirement destination.
One of the most accessible pension plans in the Philippines is facilitated by the Social Security System (SSS) or GSIS for government employees. This is considered as one of the easiest ways to invest since SSS contributions are mandated by law, and are automatically deducted from your salary.
RA No. 7641, commonly known as the Retirement Law, grants an employee retirement benefits upon reaching the age of 60 years but not beyond 65 years, which is the compulsory retirement age, provided such employee has served at least five years and the retirement benefits are availed of only once.
Employees may retire at age 60 with 10 or more years of service; age 62 with 5 or more years of service; or when the employee's combined age and credited service equals 87 (referred to as the 'rule of 87'). Your required pension contribution is automatically deducted from each bi-weekly paycheck.
