International Journal of Research and Innovation in Social Science (IJRISS) | Volume VI, Issue III, March 2022 | ISSN 2454–6186

Teachers Retirement in Private Higher Educational Institutions in Northern Philippines

Samuel B. Damayon, Judith P. Daguio, Sherwin A. Marciano, Mary Grace M. Bulatao
School of Teacher Education and Humanities, Saint Mary’s University, Nueva Vizcaya, Philippines

Abstract: It is usually said that when one retires, this is the time when one would live a more comfortable and happy life. But for many retirees, this is not always the case. Thus, preparation for retirement is very important. This study aimed to determine (1) the level of readiness of teachers for retirement; (2) identify considerable socio-economic barriers to a good retirement and (3) determine as well as propose certain programs, projects, and activities that would promote a good retirement for teachers. This study focused on teacher-retirees in private higher educational institutions. A questionnaire was floated to ascertain the level of readiness of respondents –retirees for retirement as well as the socio-economic barriers to a good or happy retirement. This research employed a quantitative and qualitative-descriptive method and used a combination of frequency counts, percentage as well as Mean and Standard Deviations in the analysis and interpretation of data. The respondents were 44 teacher-retirees from four private higher educational institutions in Nueva Vizcaya, Philippines. Results of the study showed that teacher-retirees are well prepared to a high extent for retirement, personally and by their employers. The study showed that the majority of the teacher-retirees are prepared personally to a high extent. However, despite such a level of preparation, it was found out that there are still considered socio-economic concerns that bar them from enjoying a good retirement. The main reasons for them not experiencing a good retirement were that their retirement pay was used to pay their debts, their retirement pensions are not sufficient for their and their family’s needs, no savings after reinterment, and they do not have health insurance policies. The results of the study also showed that socio-economic preparation determines how retirees enjoy life in retirement. It was then a recommendation that private educational institutions should, as part of their management plan, establish socio-economic programs, projects, or activities for the welfare of their teacher-retirees.

Keywords: Retirement Planning, Retirement Decision-making, Retirement Transition and Adjustments, Retirement Barriers

I.INTRODUCTION

According to Borji (2016) there are three countries whose total population is more than 20% of the total population with the age of 65 or older in 2015. The countries are Germany, Italy, and Japan. But he writes that by 2020, 13 countries will have a similar figure and by 2030, 34 countries will follow. Around the globe, there is a decrease in the working-age population, an increase in health problems and health care costs, an increase in the dependency ratio, and changes in the economy. This is true for most industrialized countries. However, it cannot be denied that year in and year out, there are Filipinos growing older and for many working Filipinos, this is felt only after retirement. The Philippines has a young and booming population might be the reason why few studies were conducted related to gerontology or studies relating to aging and issues after retirement.
But many recognized that the decrease in the age of exit from gainful work has been one of the most profound structural changes in the past 25 years. Health promotions at retirement are of considerable importance for retirees and aging people as well as our political, social, and health care leaders responsible for drafting policies and programs to help improve health and wellness in older adults. In the Philippines, there are several laws that cater to the needs of our retirees or our aging population like the senior Citizen’s law. But how far does this law help in the holistic wellness of the growing aging population?