Lower retirement age proposed to boost openings

A BILL seeking to lower the retirement age for workers in both the public and private sectors was filed in the House of Representatives last week, aiming to allow Filipinos to retire in better health while creating more job opportunities for younger workers.

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House Bill No. 6954 proposes lowering the mandatory retirement age to 60 from the current 65.

It also seeks to reduce the optional retirement age for government employees to 55, provided they have rendered at least 15 years of service.

"This reduction offers a structural solution to help alleviate the country's persistent labor market challenges by encouraging the retirement of older workers," Camarines Norte Rep. Nelson S. Legacion, who filed the bill on Dec. 17, said in the measure's explanatory note. "A substantial number of vacancies will be created for younger job seekers."