More early retirees expected due to pension reforms; optional retirement age should be increased – Secretary Galvez

Nagpahayag ng pangamba si Defense OIC Carlito Galvez sa posibleng maging epekto ng panukalang reporma sa pension system sa uniformed personnel sa bansa. Aniya, maaaring dumami ang mga pulis at sundalo na mas pipiliing maagang mag-retiro kaya iminumungkahi niyang taasan ang edad ng optional retirement. Subscribe to our official YouTube channel, Be the first to know about the latest updates on local and global issues, news and current affairs, 911-UNTV Rescue and public services. We Serve the People. We Give Glory To God! #UNTV #UNTVNewsandRescue For updates, visit: Check out our official social media accounts: Instagram account - @untvnewsrescue Feel free to share but do not re-upload....(read more)

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Early retirees will increase as a result of pension reforms, optional retirement age should be raised - Sec. Galvez Recent discussions about pension reforms and increasing the optional retirement age have sparked a debate about the future of retirement in our country. The government, led by Secretary Carlito Galvez Jr., believes that these reforms are necessary to ensure the sustainability of the pension system and to address the changing demographics of our society. According to Secretary Galvez, one of the main reasons for the proposed pension reforms is the increasing number of early retirees. Many individuals are choosing to retire early due to a variety of factors such as health concerns, desire for a more relaxed lifestyle, or a desire to pursue other opportunities. While it is understandable that people may want to retire early, this has significant implications for the sustainability of the pension system. Currently, the pension system is designed to provide financial support to retirees for a certain number of years, assuming they retire at the designated retirement age. However, if more people choose to retire early, the system may struggle to accommodate this increase in beneficiaries. As a result, the government is considering implementing pension reforms to address this issue. Another proposal put forward by Secretary Galvez is to raise the optional retirement age. Currently, individuals can choose to retire as early as 60 years old, while the mandatory retirement age is typically set at 65. However, given the increasing life expectancy and the need for people to work longer to secure a comfortable retirement, it is necessary to reconsider these ages. By raising the optional retirement age, individuals will be encouraged to stay in the workforce for a longer period, contributing not only to the pension system but also to the overall economy. This will help alleviate the burden on the pension system and ensure its long-term sustainability. Additionally, increasing the retirement age also recognizes the changing nature of work and the fact that many individuals are now able to continue working well beyond the traditional retirement age. With advancements in technology and improvements in healthcare, many individuals are remaining healthy and active much longer than previous generations. However, it is essential to address valid concerns about the physical demands of certain jobs and the need for job opportunities for younger workers. These concerns can be addressed through comprehensive policies and targeted support systems that ensure older workers can transition into less physically demanding roles or mentor younger employees. In conclusion, the proposed pension reforms and increase in the optional retirement age are necessary steps to address the challenges posed by early retirees and the changing demographics of our society. By implementing these reforms, we can ensure the sustainability of the pension system and create an equitable and prosperous retirement for all Filipinos. It is crucial for stakeholders to engage in a constructive dialogue to shape these reforms and ensure that they reflect the needs and aspirations of the Filipino people. https://inflationprotection.org/more-early-retirees-expected-due-to-pension-reforms-optional-retirement-age-should-be-increased-secretary-galvez/?feed_id=131762&_unique_id=64f1b06f0d8aa #Inflation #Retirement #GoldIRA #Wealth #Investing #2023 #itoangbalita #itoangbalitauntv #untv #UNTVItoangBalita #UNTVItoangBalitaMay15 #UNTVNews #UNTVNewsandRescue #untvnewsMay15 #untvnewstoday #RetirementPension #2023 #itoangbalita #itoangbalitauntv #untv #UNTVItoangBalita #UNTVItoangBalitaMay15 #UNTVNews #UNTVNewsandRescue #untvnewsMay15 #untvnewstoday