1. Our company already has a BIR approved Retirement Plan; thus, retirement benefits are already tax exempt based on RA 4917. What are the advantages of the Bayanihan Act II? Under RA 4917, only employees who are at least 50 years of age with at least 10 years of service upon retirement will be able to […]
Unless you are in denial or living under a rock, there is no denying that we are living in unprecedented times. Never has a single issue or phenomenon put an entire civilization into uncertain circumstances. Watching the news and just staying in the same spot for the past couple of weeks could take a toll […]
The recent ECQ implemented across the nation has caused a strain to many of our peers in human resources, finance, IT and the like. It is in times as such where those that support the business and operations side are asked to step up and go beyond the call of duty for the overall well-being […]
There was a time when working from home was just a vivid dream, but recently, there’s been a surge of jobs you can do from your own place. As the world becomes more connected, businesses can now explore work from home arrangements for their employees. People that aren’t on the work floor or do work […]
The new Labor Advisory No. 6 Series of 2020, was released last January 31, 2020 by The Department of Labor and Employment. It tackles the guidelines on the payment of Final Pay and Issuance of Certificate of Employment of an employee. Who can request for a Certificate of Employment? A previous or current employee may […]
Is your current retirement plan still relevant?
What are the reasons for the increase in the retirement liability?
RA 7641 prescribes minimum retirement benefit that companies must pay eligible retiring employees.
Since RA 7641 does not require companies to set up formal retirement plans, why, then, should the consider doing so?
We outline the process of creating a retirement plan and securing a tax qualification with this plan.