Should gov't redefine "eldery" from 65yo to 75yo?

There are already serious proposals elsewhere to redefine the age of the “elderly” from 65 to 75 years. A primary motivation for this has been the ballooning costs of social security, especially in aging societies where retirees are making up a more dominant part of the population. While in the past, the social security expenses of one retiree in Japan used to be supported by 10 working-age people, now only 2.1 workers support the costs of one retiree. Last year, the Japanese government reportedly began requiring elderly people with certain levels of income to shoulder more of their own medical and nursing-care costs. (NO FREE LUNCH ‘80 is the new 60’ By: Cielito F. Habito - @inquirerdotnet Philippine Daily Inquirer / 05:08 AM January 16, 2018 Read more: Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook)

A prominent University of the Philippines (UP) academic has pushed for raising the age of retirement in the country. UP political science professor Clarita Carlos cited global trends on raising retirement age and studies showing productivity of senior citizens, especially in the academic sector, in making the proposal over the weekend. “Many countries are legislating lower of retirement age because of the aging population, and because older people have proven that they are capable of working and actually better than their younger counterparts. I think we should also do that here, especially for teachers,” Carlos said during the launch of her landmark book “Population Ageing in the Philippines: Issues and Challenges” at The Podium in Mandaluyong City. (Higher retirement age in Phl pushed By Edu Punay (The Philippine Star) | Updated April 10, 2017 - 12:00am) Retirement. Any employee may be retired upon reaching the retirement age established in the collective bargaining agreement or other applicable employment contract.

In case of retirement, the employee shall be entitled to receive such retirement benefits as he may have earned under existing laws and any collective bargaining agreement and other agreements: Provided, however, That an employee’s retirement benefits under any collective bargaining and other agreements shall not be less than those provided therein.

In the absence of a retirement plan or agreement providing for retirement benefits of employees in the establishment, an employee upon reaching the age of sixty (60) years or more, but not beyond sixty-five (65) years which is hereby declared the compulsory retirement age, who has served at least five (5) years in the said establishment, may retire and shall be entitled to retirement pay equivalent to at least one-half (1/2) month salary for every year of service, a fraction of at least six (6) months being considered as one whole year.

Unless the parties provide for broader inclusions, the term ‘one-half (1/2) month salary’ shall mean fifteen (15) days plus one-twelfth (1/12) of the 13th month pay and the cash equivalent of not more than five (5) days of service incentive leaves.

Retail, service and agricultural establishments or operations employing not more than ten (10) employees or workers are exempted from the coverage of this provision.

Violation of this provision is hereby declared unlawful and subject to the penal provisions under Article 288 of this Code. (Article 287 of PD 442)

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