Exploring the Latest Retirement Law in the Philippines: Republic Act No. 11916
Learn about the Philippines' new retirement law and how it impacts employees seeking extended work years.
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The latest retirement law in the Philippines is the Republic Act No. 11916, which amends the Social Security Act of 2018. This law, enacted in 2022, increases the mandatory retirement age for employees from 60 to 65 years, allowing more flexibility and extended working years for those who wish to continue their employment. It provides provisions for both voluntary and compulsory retirement, ensuring that employees can make the most out of their working and retirement years.
FAQs & Answers
- What does Republic Act No. 11916 entail? It amends the Social Security Act, increasing the mandatory retirement age to 65 and introducing flexible retirement options.
- When was the latest retirement law enacted? The law was enacted in 2022.
- What are the benefits of the new retirement law? It allows employees to work longer and offers provisions for voluntary and compulsory retirement.
- How does the retirement age change affect employees? It offers more flexibility for employees wishing to continue their careers beyond age 60.