There is a growing population of retiring Filipinos. The pension age is two-fold: if one worked for the private sector, the pension age is 60 years old while the pension age for one who worked for the government is 65 years oldįilipino workers pay for their social security in old age through their contributions to State-controlled insurance systems: the Social Security System (SSS), for those in the private work organizations or the self-employed the Government Service Insurance System (GSIS) for civil servants.
The life expectancy at that time was 48.55 years old for men and 51.47 years old for women. That age was later changed during World War I to 65, a generous concession to workers yet still beyond the life expectancy of the time. The first proposed massive retirement plan is attributed to Chancellor Otto von Bismarck of Germany, who in 1881 proposed that workers receive a government-funded pension at age 70, a proposal enacted eight years later. Why 65 years of age?įirst, let’s talk about why it is set in most countries at 65 years of age and has become a culture in most countries. Some say it’s 60, some say it’s 65, some say it’s 56. There has been a miss understanding of what is the retirement age. What is the retirement age in the Philippines? This is the question frequently asked by Filipinos nearing retirement age.
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