Professional Documents
Culture Documents
PhD-I
Saint Paul University Philippines
Summer 2010
Report in Human Resource and Management
Video clip
What is Retirement?
it has been thought
of as the end in
person’s career,
retirement from a
particular employing
organization and
is seen more as a
transition than as an
end point
What is Retirement
Benefit ?
• It is a cash
benefit paid to
a member who
can no longer
work due to
old age.
RANSITION:
A point at which a person goes through a career shift of some
sort
length of service at
which, he is permitted to exit
and receive retirement benefits
He may still find and be hired
in a new job
2 transitions:
Retirement from work
Cessation
from paid
employment
FACTORS THAT TEND TO DELAY RETIREMENT FACTORS THAT TEND TO ACCELERATE RETIREMENT
Retirement Age
•
• Good Health • Retirement Age
• Feeling that Retirement is Depressing
Fear of Aging and Death
• Poor Health
•
• Job Satisfaction • Positive View of
• Work Ethic Retirement
• Opportunity for 2nd
• Economic Necessity Career
• Fear of Inflation
• Job Dissatisfaction
• Increased Job/ Career
Pressures
• Adequate Pension and
other income
• Cost of Living Indexing of
Retirement Benefits
FACTORS AFFECTING THE DECISION TO RETIRE FROM
EMPLOYMENT
1. Reorganizer
Retirement Styles
• People for whom employment
retirement is a transition from
one type of active life to
another. Voluntary Activities,
community organizational activities
occupy their time.
• Their health is good, they
plan ahead, and they tend to be in
good financial condition.
1. Holding on
Retirement Styles
• Active group, in
good health, who
continue working
after retirement, in
another job.
• Many feel that they
need to work to
earn money.
3. Rocking Chair
• stereotyped
Retirement Styles
view of retired
people.
paced life
• Dissatisfied
• They tend to have poor health
and low incomes, and are inactive
and apathetic
SHOULD I RETIRE ???
Private AMWSLA
institutions I
• Social Security
Social is part of the
Security Retireme
Act of nt Plan of
almost every
1935 American
worker.
Types
unemployment
Social insurance,
retirement
Security
income,
Act of benefits for
1935 dependents,
medical
insurance
•Workers who have paid into
the system and were born
Who Gets before 1938 get full Social
Security benefits at age 65
Social Workers can begin to get benefits as
early as age 62, but at that age retirees
Security? get reduced benefits because they will
draw a pension for more years.
•
•A person born after
1929 must have at least
40 quarters of earnings
to get benefits.
Who Gets •The program indexes a
Social person’s earnings and
gives greater weight to
Security? people with low
incomes. This provides
the poorest people with
proportionately higher
benefits.
• Pay Social
Security taxes, you
•H
ow do you earn “credits”
toward Social
qualify for Security benefits.
retirement • No retirement
benefits? benefits can be paid
until you have the
required number of
credits.
a retirement plan that
provides benefits
Federal from three
different
Employee sources
Retirement Basic Benefit
Plan,
System Social Security,
Thrift Savings
Plan
Welfare and
Employer pension plans
Sponsored that meet various
Programs requirements set
forth by the
•Qualified Employee
plans Retirement
Income Security
Act of 1974
•A plan that meets
Employer requirements of the
Sponsored Internal Revenue Code
and as a result, is
Programs eligible to receive
certain tax benefits.
•Qualified These plans must be for
the exclusive
Retirement benefit of
Plan employees or
their
beneficiaries.
KINDS:
1.Defined-
Contribution
Qualified Plan
•A retirement plan in
Retirement which a certain amount
or percentage
Plan of money is set aside
each year by a company
for the benefit of
the employee.
2. Defined-
Benefit Plan
Qualified •An employer-
sponsored retirement
Retirement plan where employee
benefits are sorted out
based on a formula
Plan using factors such as
salary history
and duration of
employment.
When I retire, from what
retirement program will I
avail my pension?
GSIS Retirement
Programs To qualify :
1. The retiree must
have rendered at
least 15 years of
1. Retirement Under RA 8291
Five-year lump sum or
service and must
be at least 60
cash payment with years of age upon
instant pension—choose retirement.
your personal reward.
1.He /she must
not be a
permanent total
disability
pensioner.
2. Retirement under Republic Act 660
Also called “Magic
87,” this option
provides both
annuity and lifetime
pension.
To qualify :
1.be in government service
3. Retirement under Republic
on or Act31,
before May 1616
Refund your GSIS 1977
premiums with this
2.has rendered at least 20
“take-all” option at
the same time get years of service regardless of
gratuity payment age and employment
from your status
employer.
3.His/her last 3 years of
service prior to retirement
must be continuous
4. Portability Law (RA 7699)
ith the help of RA 7699,
Combine your
otherwise known as the
GSIS and SSS
creditable Portability Law, government
years of retirees who do not meet the
service to required number of years
qualify for provided under PD 1146 and
retirement RA 8291 can still avail of
program retirement and other
offered by both benefits.
pension funds.
• To qualify:
• Only
5. Retirement under Presidential Decree 11
those who have
Retirement under been in government
PD 1146 gives service after
you a choice
between a Basic
• May 31, 1977 but
Monthly Pension before
(BMP) and Cash
Payment.
• June 24, 1997 can
avail of this retirement
program.
ssS Retirement
Programs 60 years old and
unemployed
Who may paid at least 120
monthly contributions
qualify prior to the semester of
retirement. OR
for a 65 years old,
retiremen whether employed or
not
t benefit? paid 120 monthly
contributions
What are
the the monthly
pension, and
types
of
retirement the lump sum
benefits? amount.
he monthly pension will be the highest of:
Novak, Mark W. (2006). Issues in Aging. Boston, MA: Allyn and Bacon -
Pearson Education, Inc.