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Retirement Plan for Millennials

Retirement Plan for Millennials

Is your current retirement plan still relevant?   For the most part, retirement plans are set up to retain employees until the retirement age of 60. However, the current workforce landscape is quickly changing. More than 50% of the labor force are millennials and is...
Retirement Liability Under PAS 19

Retirement Liability Under PAS 19

What are the reasons for the increase in the retirement liability? This is the usual question we receive from our clients as we enter another season of finalizing the company’s audited financial statements as required by the Securities and Exchange Commission (SEC)....
The Philippine Retirement Pay Law (RA 7641)

The Philippine Retirement Pay Law (RA 7641)

Republic Act No. 7641 (RA 7641), also known as the Retirement Pay Law, came into effect in January 7, 1993 and was made to amend Article 287 of the Labor Code of the Philippines. This law prescribes minimum retirement benefit that companies must pay eligible retiring...
Tax Advantages of a Retirement Plan

Tax Advantages of a Retirement Plan

Since Republic Act (RA) 7641, also known as the Retirement Pay Law, does not require companies to set up formal retirement plans, why, then, should the consider doing so? The answer is very practical in nature: to enable both the company and the employee to avail of...
Steps to Make your Retirement Plan a Tax-Qualified Plan

Steps to Make your Retirement Plan a Tax-Qualified Plan

Companies wishing to take advantage of the tax privileges that come with a formal retirement plan must first set up the plan and then file it with the BIR for tax exemption. The following steps describe the process of creating a retirement plan and securing a tax...
Philippine Financial Reporting Standards (PFRS) for SMEs

Philippine Financial Reporting Standards (PFRS) for SMEs

Source: BusinessMirror by Miguel R. Camus (01/11/10) The Securities and Exchange Commission (SEC) has adopted a specific set of financial reporting rules for small-to-medium entities (SMEs), or firms with assets of between P3 million and P350 million. “Notice is given...