House approves House Bill No. 5509 lowering the optional retirement age of gov’t workers from 60 years old to 56.
Voting 192 in the affirmative and zero in the negative, the chamber approved House Bill 5509, which also amends Section 13-A of RA 8291 or the Government Service Insurance System (GSIS) Act of 1997.
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“With a lower optional retirement age, the retirees can enjoy a better quality of life thorough their pension and retirement benefits at an earlier age…” said one of the bill’s authors, Ako Bicol Rep. Alfredo Garbin Jr., in his explanatory note.
“The lower retirement age ultimately helps the bureaucracy, as it hastens the turnover of government positions to younger professionals, making way for infusion of fresh blood in public service,” he added.
One of the measures for the purpose of HB 5509, said a lower optional retirement age for government workers will allow them to enjoy a better quality of life as they are given their pension and retirement benefits at an earlier age.
Retirement benefits that a GSIS member will get under the law are: the lump sum payment of basic monthly pension times 60, payable at the time of retirement plus an old-age pension benefit equal to the basic monthly pension payable monthly for life, starting upon expiration of the five-year guaranteed period covered by the lump sum; or cash payment equivalent to 18 months of his or her basic monthly pension plus monthly pension for life payable immediately with no five-year guarantee.
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Qualified GSIS members who has retired or separated from service before the effectivity of the measure will also be covered by its provisions, provided that the benefits to be granted will be prospective.
France Castro, ACT Teachers Party-list Representative and principal author of the bill, said that retirement is one of the demands raised by public-school teachers during formal and informal consultations nationwide
“Respect and humane consideration demand that a person of 56 years—a few years shy of being a senior citizen—should not be required to perform the arduous functions expected of a public-school teacher in the Philippines. At such stage of their lives, public- school teachers should at least be given the choice if they wish to rest from the profession and enjoy better and healthy years ahead,” said Representative Castro.
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The Bill is very significant to government workers. Is this Bill applicable to those in private sectors?
I am 63 years old now but my length of service is only 11 years can I avail a pension when I will retire at 65?
JUST ASK LANG STATUS COUNTERPART ON THE SENATE BILL IF IT IS APPROVED ? THEN THE STATUS OF IRR FRAMED BY CONCERN AGENCY KUNG KAILAN MATATAPOS. THNX.
Everywhere in the world the extend the retirement age, but Philippines they lower it, and no idea how to pay for this.
ask ko lang po kung sakop ng batas nyan ang employee ng GOCC sss po kc kmi eh ang sinasabi dyan sa gsis lng sana nman po masama rin kmi .
the minimum years of contribution to gsis should be shortened too. from 15 yrs to 10 yrs. or 12 yrs if 10 yrs min is not possible.
I was given a permanent position on june 2019 and Im 57 years old can I retire now
wala Yata silang pakialam sa mga sss pensioner, sad reality
When will this become a law and be effective?
released na po ba IRR nito signed by the president. please answer po.
Why dont they lower the age for mandatory retirement also?
Why dont they lower mandatory retirement also?
your talking about GSIS pensioner how about SSS pensioners are they included with this house bills?
I agree that the pension should be adjusted like what Rep. Garbin is proposing. It is more beneficial than the 56 retirement age. Kalampagin natin mga pensioners and would be pensioners ang ating mga congressmen. Calling Rep Garbin.
Iyan ang dapat!
There is a need to consider the computation of %pension. Like 20 years of service, pension is 90 %of the basic monthly salary.
Im 56 years old this year, can i apply for retirement now?