Read this in The Manila Times digital edition.
THERE will be about 20 million Filipinos ages 60 and above by 2050. Many of these future senior citizens are millennials today. With higher life expectancy and better medical care, they will possibly have 20 to 30 years in retirement. What will be their quality of life by then? The answer to this question depends on what we do now to improve on what we have today.
The Mercer CFA Institute Global Pension Index 2022 ranked the Philippines second to the last among 44 countries participating in the survey. This means there are major issues that need to be addressed before our retirement system reaches the acceptable level of adequacy, sustainability and integrity. A significant percentage of workers are not participating in our public and private retirement plans. On the other hand, those eligible will have a monthly pension that may not be enough to sustain their present standard of living. Given that current global political and economic challenges will persist, Mercer recommends that governments take prompt action to improve their retirement systems.
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