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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...
More About The Philippine Retirement Pay Law (RA 7641)

More About The Philippine Retirement Pay Law (RA 7641)

Some of us have heard of the famous (or perhaps infamous) 401K of the USA, or the Old Age Pension(OAP) of the UK. But what does the Philippines have when it comes to benefits once one retires from service? The Philippines has Republic Act No. 7641 (RA 7641), also...
International Accounting Standards (IAS) 19 Explained

International Accounting Standards (IAS) 19 Explained

Below is an excerpt about International Accounting Standards (IAS) 19 taken from Deloitte. IAS 19 Employee Benefits (amended 2011) outlines the accounting requirements for employee benefits, including short-term benefits (e.g. wages and salaries, annual leave),...
Tax exemptions on retirement plans: Revalidated and clarified

Tax exemptions on retirement plans: Revalidated and clarified

The Philippine Star recently published a news piece on Republic Act (RA) 4197. Below is an excerpt form the news piece: Last June 27, 2013, the BIR issued BIR Ruling No. 234-13 revalidating that the said retirement plan is exempt from final taxes on interest income....