Retirement plan to complement ‘Balik Probinsya’
We laud the Balik Probinsya program that Sen. Bong Go proposed, and which will be implemented through interagency coordination.
In connection with this program, may we propose a five-year optional retirement plan whereby companies can offer optional retirement to any employee who has worked for at least five years. The company would grant one-month separation pay to any employee who opts to go for this early retirement plan. One-month separation pay would be given for every year of service that the employee has worked.
As an illustrative example, if an employee’s monthly salary is P12,000 and he has worked for five years, he would have the option of retiring upon acceptance of separation pay amounting to P60,000; if he has worked for 10 years, he would receive P120,000.
The amount of P60,000 is not monumental but can add to other government assistance that may be available, and thus allow retired employees to set up a small business in the province.
This five-year optional retirement plan can also help reduce squatters in an already overpopulated Metro Manila. After all, most retired employees who hail from the province would likely want to go back to their hometowns and be near their families.
GODOFREDO V. ARQUIZA
Member, House of Representatives, 14th and 15th Congresses
National President, Coalition of Associations of Senior Citizens/Elderly in the Philippines, Inc.
ROGELIO “WARAY” EVASCO
President, Evasco, Abinales & Coles Law Office
