House passes bill that seeks to lower retirement age to 56
Credit to Author: THE MANILA TIMES| Date: Mon, 16 Dec 2019 12:45:42 +0000
The House of Representatives has approved on third and final reading a bill that aims to lower the optional retirement age of government workers from 60 to 56 years.
House Bill 5509 gives government workers an option to terminate employment without substantial loss from their monthly income.
With the bill amending Section 13-A of Republic Act 8291 or the Government Service Insurance System Act of 1997, retirement benefits shall be provided to retiring government workers who are at least 56 years old, have rendered at least 15 years of service, and are not receiving permanent disability benefits.
The proposed law would also apply to a qualified member who has retired or was separated from the service prior to its effectivity provided that benefits to be granted shall be prospective.
The approved bill is a substitute of 9 bills filed by several lawmakers.
AKO BICOL Rep. Alfredo Garbin Jr., author of House Bill 86, which was consolidated into HB 5509, said that this option could allow retirees to enjoy more quality years.
“By lowering the optional early retirement age to 56, we want to enable the retirees to enjoy more of their mature years. They can embark on new careers, engage in business using their retirement pay, or enjoy traveling with their spouse, grandchildren, relatives, and friends,” Garbin said.
“The extra five years this measure gives retirees equals more quality years while they are still in their 50s because by 60s and onwards, age starts to take its toll on seniors,” he added. DIVINA NOVA JOY DELA CRUZ