stumped!
im on a cross road once again.
should i? should i not?
what if? what if not?
too much at stake. but the new venture seems really, as in really, promising. it's going to be a real challenge, a make or a break.
hey friends,
question. anyone of you who is aware of the standard formula for getting the amount an employee should receive upon retirement? i mean the basic, or the one mandated by philippine law. ur response will be highly appreciated. thanks.
posted by aMgiNe @ 8/20/2006 02:29:00 AM
14 Comments:
huh? what the....? as they say, the one who risks it all, gets it all.... =)
You have asked a good question where as the answer is/can be mystifying.
According to phillipine law:
retirement benefits which an employer is required to pay his employees who reach the age of sixty (60) and have rendered at least five (5) years of service. The Labor Code requires the payment of at least 22.5 days pay for such retirement. There is, nonetheless, no obligation on the part of the employer to put up a pension or retirement fund for this purpose. (or one-half month salary for every year of service, a fraction of at least six (6) months being considered as one whole year.
The question is, is your emplyer offering more than the minimum requirement?
1.The ammount given is not as important as to the length of time needed to be fully vested (how long you have to work before all the money is yours)5 years has been the norm for this.
2. Is the retirement portable (if you quit, can you take it with you). The younger you are, the more important portability is , as what are the chances you'll be there till you are 60 yrs old?
3. Who controls the pension? If it is company controlled and is tied to the company's success, then if the company fails, so does your retirement fail?
5. Is there a guarantee of/for your retirement (its somewhere in the fine print). This is how many companies cheat. They tell you about a retirement that is available, but they dont tell you how much extra they wiil contribute
6. In the end, when planning for retirement, you will see that there is rarely enough through retirement plans, so you need to save on the side also.
7. e-mail me with the ammounts and ill calculate how much you'll get
(if you want)
whoa!!! doc, u sure did surprise me. that was a whole lot of helpful information. thanks a lot. really really appreciate it. ;)
but well, where can i email you?
aMgiNe!
Musta na? Do I smell career shift? O love crossroad yan? Hehe.
change of career nearsightedmiss. miss u btw.
theyie, yeah the doctor of the blogging world was very kind enough to answer my question. and he's not even a cititzen of our country. amazing! not to worry about the tix mejo natanga lang ako sa pagintindi ng text mo kasi antok na ko to d max then. hehehe
may lawyer blogger tayong pwede mong pagtanungan nyan. Andito siya
are you thinking of early retirement? aren't you too young for that? hehehe...
hi erlyn! :) i'm back! :D
anyhoo.. just follow ur heart... and pray for His guidance. good luck!!!
ang sexy nung pic dun sa baba huh? hehehehe... neway, goodluck in making your decision whatever it is :) & about the retirement thing, i have no idea :)
oh, mukhang nagbabalak ka na rin mag-resign ah!
anyway, whatever it is, i'm sure you'll make the best decision. :)
i'm sure you'll pick the right road. ikaw pa! ^_^
hanep.. malaki ba retirement??
wow ang galing naman ni The Doctor.. cguro wla na kami masasabi pa na hndi nia pa nasasabi hehe..
pero wait.. mag reretire ka na???
Oki so nasagot na yung query mo. Sana napagdesisyon mo na yung pinagiisipan mo. Nagbalik na ko, Amgine. Pero salamat ng marami sa malimit mong mga SMS! mwah. ^_^
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