|Conference or Workshop Item
|300 Social sciences > 305 Social groups
|LPPKN - National Population and Family Development Board, Malaysia: Population and Family Research Division
|Philippine pension system, Mandatory defined benefit system
|Author from Asian Development Bank.
|This paper presentation about sharing knowledge on the retirement system in the Phillippines, currently characterized by a four-pillar structure. The first pillar refers to social assistance programs created to address the needs of the elderly poor. The second pillar covers the following mandatory defined-benefit programs: (i) the Social Security System (SSS) for private sector workers, (ii) the Government Service Insurance System (GSIS) for public sector workers, and (iii) the Armed Forces of the Philippines Retirement Service Benefit System for the military, which altogether cover about 79% of the labor force. The third pillar encompasses mandatory defined contribution programs, which can be further expanded. The fourth and final pillar covers voluntary pension programs, involving various forms of savings instrument. Because the pension system is fragmented, contributions and benefits vary depending on the program.