Professional Documents
Culture Documents
PILAR M. BULAWIN 2
May 2013
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Paper prepared for the World Conference on Public Administration, June 25-27, 2014, Daegu, South
Korea. A special thanks to the Korean Association on Public Administration and my mentors, Dr. Alfredo
Derecho, Dr. Roselle Ranario and all the research respondents from the government sectors of Butuan City.
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Pilar M. Bulawin, a Real Estate Broker/ Appraiser and a DPA graduate from Southwestern University,
Cebu City. Currently employed as Human Resource Management Officer III of Pag-IBIG FUND, Butuan
Branch Office, Butuan City, Philippines.
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Abstract
The main purpose of this study was to determined the readiness and intention to Early Retirement
Plan among government employees in Butuan City. The indicators identified were attitude,
professional fulfillment, career shift and advancement and financial independence. This study
endeavored to determine the extent of readiness and intention to early retirement plan. A
researcher-made tool was used to gather the quantitative data. Series of of focus group discussions
were conducted to elicit information for qualitative data. The extent of readiness to early retirement
of research respondents among the government sectors were influenced by the retirement intention
as well as the demographic and work profile of an employee. Early retirement decision can be of any
age, it is most dependent on the persons context. In terms of attitude, some employee have been
thinking of retiring from the office ahead but the level of their maturity are not ready yet to handle
the retirement cycle they have to undertake during the actual retirement phase. One indicator is the
loss of ones identity when one losses his job. Nevertheless, financial independence has been a
struggle for most of the government workers in Butuan City. Most of the government employees
were in-depth of debts such as GSIS loans, housing loan, salary loans leaving a low net take home pay
that supposedly intent for savings. Most likely, the government workers are less ready to avail of the
Early Retirement Plan. The implementation of the Rationalization Plan leads to the change of the
system of the organization with the integration of the new technology system. It requires speed in
the making of voluminous reports living an employee a short period of time to catch up with the
deadline of reports. Aside from that, displacement of personnel to other provinces leads to the
intention of the employee to Early Retirement Plan because he was less ready to leave his families
and start all over again the new assigned tasks. The Local Government (LGU) sector had a high
intention to early retirement while the Constitutional Commission sector was highly ready among
the government institutions in Butuan City. A proposed retirement plan was developed from the
findings of the study.
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1 Introduction
doing numerical and functional flexibility to cope with the competitiveness in the
midst of challenges facing the public sector, the government has to define its proper
role in society leading to the implementation of Executive Order No. 366 on October
implementation of the Rationalization Program under EO No. 366 have the option to
It is for this reason that the researcher undertook the study to determine the
involuntary. The findings of the study will be the basis in the creation of the
proposed retirement plan as to the extent of readiness and the degree of early
This study was anchored on the theory of Guillemard (1982) who identifies
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leisure, protest and acceptance retirement. Snow, et.al (1977) identified two
professional activity and create a new lifestyle after retirement. They choose a non-
not relax and do nothing. The maintainers, on the other hand, hold on to
professional activity. They work part-time after formal retirement and supplement
their work with leisure activities in order to occupy their time. Favourable and
positive attitudes toward retirement are associated with planning, having intentions
to occupy ones time, counselling, personal discussion and exposure to news media
about retirement. Workers need to be socialized into post-work roles just as they
are socialized into other roles. Workers need to anticipate and plan for retirement.
This can be done by saving money because small amounts add up over the years,
decide what one wants to do for oneself, begin early to care for ones health, form
relationships now that have depth and meaning with a sense of performance and
expanding ones interest now so that ones work is not the primary focus and source
of income.
The literature gathered is based in the evolution of retirement laws, the legal
making and the retirement plan. Cabadonga (2005) posited that the Philippines has
an evolving four system of old-age protection scheme for its people. First, is the
social assistance programs given for the benefit of the poor in the society, these
programs are particularly handled by the Department of Social Worker (DSWD), the
Department of Health (DOH) and the Department of Labor and Employment (DOLE).
Second, is the mandatory defined benefit scheme which is provided by the Social
Security System (SSS) for private sector workers and the Government Service
Insurance System (GSIS) for public sector employees. Third, includes the mandatory
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requirement of retirement pay through Republic Act, deposits maintained at the
Pag-IBIG FUND, which become available upon retirement and the mandatory
retirement pay. The public sector workers receive a combination of first and second
layer benefit. Fourth, is voluntary in nature, where companies devise their own
retirement plan or individuals on their own, buy pension plans and other pre-need
Recently, RA 6683 which is an act providing benefits for early retirement and
constitution appropriating funds thereof and for other purposes. Appointive officials
and employees who are retired or separated under this Act shall not be eligible for
period of five (5) years after separation unless they refund the benefits they
retirement cycle. Flippo (1994) cited that sociologist have identified several phases
through which an employee may go in experience the retirement event. The first
phase begins many years prior to the actual retirement date. At some point
awareness of approaching retirement hopefully has some effect in providing for the
most two essential elements of successful retirement- financial security and leisure
much as neither of these two essentials can be developed overnight. The second
phase occurs just prior to the event and makes the fact of imminent retirement
highly explicit. One begins to perceive that fellow employees view him or her in
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short term perspectives. Involvement in major programs tends to lessen. One may
asked to train a replacement. And in many instances, certain rites of passage in the
form of retirement ceremonies and receptions are held. For many people, the third
phase of the cycle is termed the honeymoon stage. One wallows in the new-found
freedom and lives out fantasies that finances will permit- travelling, fishing, golfing,
visiting, seeing the grandchildren, and so on. Not everyone goes through the fourth
phase, but when life finally slows down, the honeymoon is over and a certain
amount of disenchantment sets in. The highly desired constant travel and visiting
becomes boring. Those who have not developed a variety of interests and skills in
preparation for retirement are likely to experience this stage more severely. It may
structure a lifestyle that can run for many years. Help can be obtained from many
community agencies and churches that have various programs designed to help
retirees determine their level and quality of involvement. It required exploring new
opportunities and making realistic choices in the light of personal interests and
skills. In the stability stage of the cycle, the retiree has developed a philosophy and
life. The retirement role has been mastered. The individual is able to cope and adapt
to declines in physical capacity that inevitably come with advancing age. He or she is
self-sufficient adult who has translated the roleless role into a dignified, responsible
and meaningful position in society. If life continues, one could enter the termination
loss of financial support may mark the end of retirement as defined. The person
thereby loses some of the dignity associated with the role of retirement.
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The primary purpose of the study is to ascertain the extent of Readiness and
Butuan City. The findings of the study will provide insights to accept that one can
2 RESEARCH DESIGN
seeks the description of the respondents personal profile and its readiness to early
retirement. To determine the qualitative component of the study, the focus group
discussion were conducted to verify the validity of the study. There were six (6 )
government sectors covered in this study. The researcher used the purposive
478 employees. The sample is composed of 239 which selection was based on
employees who have been employed one year or more. The size of samples are
primarily base on the readiness of the government workers which are evaluated by
employees in the six (6) government sectors in Butuan City which the Regional
center of the Caraga Region in the Philippines. This was a researcher-made tool. Part
(optional), age, sex, civil status, number of dependents, health status, combined
employee, position and length of service. Part II consists of the extent of readiness
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fulfillment, career shift and advancement and financial independence. Part III
This statistical tool was used to test the internal consistency and reliability of the
instrument. It was submitted to the panel of experts for review. The instruments
undergone revisions and there were 8 employees involved in the dry run before
respondents in this study. The Likert Scale of 4 degrees was used in ascertaining the
level of perception of research respondents. The rating of 4,3,2 and 1 had a response
The interpretation used was Highly Ready/High Intention with a weight range from
3.25, Less Ready/Less Intention with a weight range from 1.76-2.50, and not
ready/no intention with a weight range from 1-1.75. While in the qualitative
method, the researcher conducted the focus group discussion to further verify in-
depth the possible answers to the problems cited in this study. The focus group
discussions researcher made tool were given after prayer and presentation made
by the researcher. It was represented by the various employees among the six (6)
government sectors. The participants one by one shared their understanding and
gave some insights to the theories and further enhance the possible answers to the
researcher seek approval from the Manager of the various selected agencies. Copies
of the permit were attached to the questionnaires. The respondents, however, will
charge in getting those questionnaires that were retrieved as scheduled. It took one
month for the retrieval of the questionnaires for the six government institutions. As
the questionnaires started pouring, the researcher immediately started tallying the
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responses, giving importance to the variables involved in the study. The researcher
employed the following statistics in answering the problems posed in the study
the order of the problem presented in the study. The demographic profile of the
distribution of the research respondent in terms of age in which 102 or (42.7 %) are
in ages 45-49 years old. Out of the 239 government employees surveyed, fourteen
(14) or (5.9 %) are in ages 60 years old and above. This implies that majority of the
research respondents are 45-49 years of age. The findings were related to Asis
(1995) that cited the general observation of the respondents age pointing that all
companies are most likely employed young employees because according to the
generally accepted ideas that young people are highly ambitious, highly oriented
and are subtle in their response to any demand of the job, and eagerness to learn
more that results to high standard performance. A local study of Lim (2003) on
older workers attitudes toward retirement suggest that the respondents (aged 40
years and above) generally prefer to remain employed in some ways after they have
officially retired from the workforce. They are also willing to undergo skill
retraining and upgrading to work longer. They are more worried about not working
at all after retirement than being without friends, being unoccupied or feeling lonely.
Since they have lost their identities associated with their jobs, they have to create a
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new lifestyle that is productive and emotionally rewarding. The distribution of the
research respondents in terms of sex, in which 169 or (70.7 %) are female. Out of
the 239 government employees surveyed, seventy or (29.3 %) are male. This
implies that majority of the research respondents are female. Antolin, et.al. (1998)
find that sex have a strong impact on the retirement decision. Women tend to retire
earlier than men. In terms of civil status, a total of 184 or (77 %) are married. Only
are married. Fieldman (1994) observed that individual married to working spouses
are more likely to accept early retirement. As to the number of dependents (core),
out of the 239 research respondents 114 or (47.7 %) are having 2-3 children and 32
or (13.4 %) are having 4 or more children. This implies that majority of the
employees have 2-3 children. Mehbaliyev (2009) cited that most people are married
when they reach retirement age, thus, civil status may affect ones decision to retire.
On average, husbands are three years older than their wives in the United States and
spouses often coordinate their retirement decisions. Thus, men are more likely to
retire if their wives are also retired than if they are still in the labor force, and vice
versa. With regards to the number of dependents (extended), there are 41 or (17.2
%) are having 1-2 relatives/parents living with them while only 9 or (3.8 %) are
having 4 or more relatives that are with them. This implies that some of the
employees have 1-2 relatives /parents living with them. Regarding the health status
of the employees in Butuan City, most of them are healthy with a number of 131 or
(54.8 %) while around 4 or (1.7 %) indicate that they are unhealthy. This implies
that majority of the employees are healthy. As to the combined monthly income,
almost 121 or (50.6 %) have a combined monthly income ranges from P 20,000.00
P 40,000.00 per month. There are 27 or (11.3%) that have an income of P 60,000.00
and above. This implies that majority of the employees have a household monthly
income of P 20,000.00 P 40,000.00 per month. Palmore, et.al (1985) found that
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the socio economic factors found to be more important predictors of the retirement
decision than the demographic characteristics, such as age, marital status and
member of dependent children, among those older than retirement age (ages 65-
69) . Turner (1989) found that age is the only demographic predictor of retirement
for those from the Retirement History Study (RHS). On the contrary, for those from
the National Longitudinal Survey (NLS), the number of children under the age of 18
was a significant predictor of the decision to retire whereas age was not. Generally,
the result indicates that the government employees in Butuan City are 45 49 years
old, female, married, having a dependent (core) of 2-3 children and with 1-2
relatives/parents living with them, healthy and with a household income ranges
and length of service, by sector area. Considering the employees highest educational
attainment, there are 128 or (53.6 %) are Bachelors degree holder while only 12 or
(5 %) are doctorate holder. The result implies that most of the government workers
in Butuan City are Bachelors degree holder. Focusing the employee in Butuan City
in terms of occupational status, there are 234 or (97.9 %) are permanent employees
and only 2 or (.8 %) are casual employees. The result implies that the rest of the
are from the National Government Agency (NGA). There are only 12 or (5.0 %) are
from the Government Financing Agency (GFI). This implies that majority of the
employees are from the National Government Agency (NGA). Considering the
position of the employees, most of the employees are rank and file with a number of
124 or (51.9 %) while only 3 or (1.3 %) are Senior Manager. The result implies that
the majority of the respondents are rank and file employees. Regarding the length of
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service of the employees, most of them have rendered their service for at least 21 to
less than 10 years. The result implies that most of the employees have rendered
their service for at least 21 to 25 years. Palmore, et.al. (1985) found socio-economic
important predictors of the retirement decision. Generally, the result indicates that
most of the research respondents are government employees in Butuan City that are
Sector , holding rank and file positions and has been with the service for almost 26
years or more.
which has an over-all mean of 2.09 and verbally interpreted as less ready.The
indicator have been thinking about retirement 5 years ago has the highest mean
of 2.59 and verbally described as moderately ready. This indicates that most of
five years ago. Meanwhile, the indicator have sense of responsibility, confidence
and maturity to handle lifes situation when I retire has the lowest mean of 1.70
with the verbal description of not ready. Indicators such as have done simple
planning for my retirement, have felt about retirement as something I look forward
for, have decided this time when and where to retire, have very clear sense of
who am I and why I wanted to retire,have thought of the type of lifestyle I would
like to have in retirement, that is, where I would like to live and the things I would
of when and/or where to retire, have realistically prefer a standard of living that is
higher than in my working years and value discipline in the way I spend my
money interpreted as less ready. Robinsons, et.al. (1985) cited that attitude
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Table 1. Mean and Over-all Mean of the Extent of Readiness of the Respondents to Early
ATTITUDE INDICATORS
Mean Verbal Interpretation
1. have been thinking about retirement 5 years ago 2.59 Moderately Ready
2. have done simple planning for my retirement 2.10 Less Ready
3. have felt about retirement as something I look forward to 1.98 Less Ready
4. have decided this time when and where to retire 2.16 Less Ready
5. have very clear sense of who am I and why I wanted to retire 1.95 Less Ready
6. have thought of the type of lifestyle I would like to have in
retirement, that is, where I would like to live and the things I 1.77 Less Ready
would like to do
7. have sense of responsibility, confidence and maturity to handle
1.70 Not Ready
lifes situation when I retire.
8. have spouse/parents/other person influence in my retirement
2.41 Less Ready
decisions of when and/or where to retire.
9. have realistically prefer a standard of living that is higher than
2.16 Less Ready
in my working years
10. value discipline in the way I spend my money 2.05 Less Ready
Over-all Mean 2.09 Less Ready
towards retirement has been found to be important in the decision to retire, in ones
planning for retirement and in ones satisfaction with retirement. During the focus
group discussion, one participant from the Local Government Unit (LGU) cited that
terms of attitude, he has been thinking of retiring from the office ahead but the level
of his maturity is not ready yet to handle the retirement cycle he has to undertake
during the actual retirement phase. One indicator is the loss of ones identity when
one losses his job as mention in the focus group discussion. The participant did
mentioned about his significance in society was reflective upon the status of his
with a verbal interpretation as less ready. The completed post graduate studies has
terms of having a supportive environment has the lowest mean of 1.81 verbally
interpreted as less ready. Super (1983) said that individuals self-concept is his
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concept of himself, not inferences made by outside others. Cytrybaum, et.al. (1980)
critical midlife task. They further intended that quality of which the task is
accomplished determines growth and adaptation and that failure to master this task
Table 2. Mean and Over-all Mean of the Extent of Readiness of the Respondents to Early
Retirement in terms of Professional Fulfillment
During the focus group discussion, one of the participants from the Government
employee due to the fact that he has completed his doctorate studies but less ready to
avail of early retirement plan because of his passion in doing his teaching profession.
ready to avail of early retirement plan due to his willingness to be of service to the
of career shift and advancement has an over-all mean of 2.19 with verbal
interpretation as less ready. The indicator have not experience mental and
physical stress in my job has the highest mean of 2.65 verbally described as
moderately ready. Motivate to work with peers and supervisors has the lowest
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mean of 1.87 verbally interpreted as less ready. In corroboration with Super
(1990) laid out measures of career maturity that provide a yardstick for
task occurring within the exploratory stages are: concern with vocational choice;
choice and increasing wisdom of vocational preferences. Amadi (1991) stated that
early retirement would mean leaving ones regular routine or habitual career,
position, business or active life. Viewed as such it could become a threat to many
workers who may not know what to do with their time and lives after retiring from
active service. To those workers so attached to their work, it is often assumed that it
may pose a great challenge to them (Blunt 1983). This is manifest in terms of stress
opportunities for social interaction and for workers who take work as a central life
interest, they are said to suffer most when the time to retire comes.During the focus
Corporation shared that he had experienced mental and physical stress in his job.
He was ready to avail of the Early Retirement Plan but yet he is motivated to work
with his peers and supervisors because of the harmonious working culture in his
office. He further added that due to the implementation of the Rationalization Plan,
the integrated technology system was being implemented and that change the
system of the organization. This leads to mental stress in his job. It required speed
in the making voluminous reports living an employee a short period of time to catch
other provinces leads to the readiness of the employee to Early Retirement Plan
because he was less ready to leave his families and start all over again the new
assigned tasks.
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Table 3. Mean and Over-all Mean of the Extent of Readiness of the Respondents to Early
Retirement in terms of Career Shift and Advancement
1. have not experience mental and physical stress in my job 2.65 Moderately Ready
2. motivate to work with peers and supervisors 1.87 Less Ready
3. have time to travel and work abroad 2.49 Less Ready
4. complete reports on time 2.21 Less Ready
5. have time freedom where I have work responsibilities which I can
2.24 Less Ready
do according to my own time schedule
6. transfer location due to job rotation, promotion and reorganization 2.38 Less Ready
7. am satisfied with job and pay 2.01 Less Ready
8. am recognized and rewarded for my contributions and efforts in my
2.03 Less Ready
workplace
9. attend seminars and trainings for my professional and personal
1.90 Less Ready
growth
10. have no conflict at work 2.07 Less Ready
Over-all Mean 2.19 Less Ready
interpretation as less ready. The indicator have a financial adviser and mentor has
the highest mean of 2.57 with a verbal interpretation as moderately ready. The
indicator have enough savings for retirement has the second highest mean of
2.55 with a verbal interpretation as moderately ready. On the other hand, the
indicator discuss with my spouse our goals for retirement and the financing
required to achieve them (for married workers only) has a lowest mean of 1.90 with
a verbal interpretation as less ready. Currie (2013) offers his quick assessment of
financial readiness.
preservation and utilization strategies at the individual client level. This theory
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Table 4 . Mean and Over-all Mean of the Extent of Readiness of the Respondents to Early
Retirement in terms of Financial Independence
government workers in Butuan City. One participant of the focus group discussion
elaborated that most of the government employees were in depth of debts such as
GSIS loans, housing loan, salary loans leaving a low net take home pay that
supposedly intent for savings. Most likely, the government workers are less ready to
avail of the Early Retirement Plan. He further added that a secure livelihood or
having a personal business that produces income generating assets must be done
during his working years in the government in order to fast track at work. Generally,
the result indicates that most of the research respondents in the government sector
issues. The result implies that in terms of attitude, professional fulfillment, career
shift and advancement and financial independence, the extent of readiness to early
an event that requires adaptation by the individual. It is not only a normative life
transition but also a complex social institution involving the interaction of the
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individual, the family and the economy (Turner, 1989). According to one of the
participants in the focus group discussion from the Constitutional Commission cited
that the readiness of an employee to early retirement plan can be influenced by her
spouses employment status aside from the following indicators such as attitude,
Being less ready in terms of this indicator, but she was highly ready to avail of early
retirement since her husband can provide their income aside from the various
intention.The indicator have enough savings for retirement aside from GSIS
pension plans and other pre-need pension plans has the highest mean of 2.57 with
intent to retire early whenever I reach the required age and required service years
in the government has a mean of 2.45 verbally interpreted as less intention. The
indicator spend quality time with family has the lowest mean of 1.69 with a verbal
description as no intention.
not one but many transitions that coping with these transitions depend on the role
of work and family in the life of the individual and the timing of retirement. She
searchers, easy gliders, involved spectators and retreaters. Qualls, et.al (2002) found
that those people most happy in retirement enjoy a variety of activities, ranging
from volunteer work, exercise, and continuing education. Many on the road to
retirement plan to spend a lot of time traveling but at times unexpected physical
ailments may make extensive traveling difficult. The result implies that the financial
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Table 5. Mean and Over-all Mean of the Degree of Early Retirement Intention of the
Respondents
stability influence the retirement intention among the government workers. The
result also implies that among the government workers, most of them have no
intention to retire early for the reason of spending quality time with their family.
discussion. A government employee from the Local Government Unit (LGU) cited
that he strongly intent to retire early to spend quality time for his family. But he was
not financially stable for early retirement plan. More time in the family but have no
generating income can lead to financial distress in the family. Having a lot of money
with no time for the family influenced broken marriages, drug addiction of kids and
less family bonding. He further added that he intent to retire early when he had
respondents age, sex, civil status, dependents, health status, monthly income,
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highest educational attainment, occupational status, type of government area/sector
employed, position, and length of service and their extent of readiness for early
Table 6. Test of Significant Relationship between the Profile of the respondents and their
Extent of Readiness for Early Retirement
EXTENT OF READINESS
PROFILE VARIABLES Decision on Ho Conclusion
Correlation P-valuea
AGE 0.185* 0.004 Reject Significant
SEX 55.358** 0.498 Do not reject Not Significant
CIVIL STATUS 169.259** 0.458 Do not reject Not Significant
DEPENDENTS (Core) 0.036* 0.583 Do not reject Not Significant
DEPENDENTS (Extended) 0.052* 0.420 Do not reject Not Significant
HEALTH STATUS 202.638** 0.035 Reject Significant
MONTHLY INCOME 0.142* 0.028 Reject Significant
EDUCATIONAL ATTAINMENT 0.106* 0.102 Do not reject Not Significant
OCCUPATIONAL STATUS 111.365** 1.000 Do not reject Not Significant
AREA/SECTOR 258.043** 0.822 Do not reject Not Significant
POSITION 152.203** 0.803 Do not reject Not Significant
LENGTH OF SERVICE 255.823** 0.020 Reject Significant
a. P-value tested at 0.05 level of significance; Ho is rejected if P-value < 0.05;
* - Spearman Rank correlation coefficient for ordinal data.
** - Chi-square test of independence for nominal data.
As indicated by their P-value less than the significance level of 0.05 (P<0.05), data
respondent and his/her age (P=0.004), health status (P=0.035), monthly income
coefficients between the extent of readiness and age (r=0.185) and monthly income
(r=0.142) indicates positive correlation. This implies as the age of the respondents
increases, their extent of readiness also increases. That is, respondents with higher
age tend to be more ready for early retirement. This is also true for the household
monthly income; respondents with higher household monthly income are more
ready for early retirement. According to Birren (1984), older individuals reporting
the highest life satisfaction have a future orientation. The Chi-square test of
independence between the extent of readiness of the respondents and their health
status and length of service reveal significant Chi-square values. This implies that
status and length of service. Therefore, a persons readiness for early retirement is
dependent with his/her health status and length of service. Atchley (1988)
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concluded that retirement planning and attitude have been related to health. Data
respondent and his/her sex, civil status, number of dependents, highest educational
position. As indicated by their P-values all greater than the significance level 0.05
(P>0.05), data could not provide sufficient evidence to reject the null hypothesis at
the 0.05 level of significance. This implies that the respondents readiness for early
retirement has no significant correlation from these profile variables. Therefore, the
extent of readiness for early retirement is independent from the persons sex, civil
sex, civil status, dependents, health status, monthly income, highest educational
and length of service and their degree of early retirement intention. Table 7 shows
Table 7. Test of Significant Relationship between the Profile of the respondents and their
Degree of Intention for Early Retirement
DEGREE OF INTENTION
PROFILE VARIABLES Decision on Ho Conclusion
Chi-square P-value
AGE 0.157* 0.015 Reject Significant
SEX 30.797** 0.326 Do not reject Not Significant
CIVIL STATUS 73.025** 0.798 Do not reject Not Significant
DEPENDENTS (Core) 0.073* 0.261 Do not reject Not Significant
DEPENDENTS (Extended) -0.114* 0.077 Do not reject Not Significant
HEALTH STATUS 97.877** 0.143 Do not reject Not Significant
MONTHLY INCOME -0.066* 0.312 Do not reject Not Significant
EDUCATIONAL ATTAINMENT 107.592** 0.042 Reject Significant
OCCUPATIONAL STATUS 80.498** 0.588 Do not reject Not Significant
AREA/SECTOR 163.614** 0.025 Reject Significant
POSITION 76.347** 0.711 Do not reject Not Significant
LENGTH OF SERVICE 109.532** 0.548 Do not reject Not Significant
a. P-value tested at 0.05 level of significance; Ho is rejected if P-value < 0.05;
* - Spearman Rank correlation coefficient for ordinal data.
** - Chi-square test of independence for nominal data.
As indicated by their P-value less than the significance level of 0.05 (P<0.05), data
respondent and his/her age (P=0.015), educational attainment (P=0.042), and type
21
of government institution/sector (P=0.025). The Spearman-rank correlation
coefficients between the degree of retirement intention and age (r=0.187) indicates
positive correlation. This implies as the age of the respondents increases, their
degree of retirement intention also increases. That is, respondents with higher age
tend to have a more intention for early retirement. The Chi-square test of
service reveal significant Chi-square values. This implies that degree of retirement
degree of retirement intention of the respondent and his/her sex, civil status,
and length of service. As indicated by their P-values all greater than the significance
level 0.05 (P>0.05), data could not provide sufficient evidence to reject the null
hypothesis at the 0.05 level of significance. This implies that the respondents
from the persons sex, civil status, number of dependents, health status, monthly
Whereas, the result of the test of significant relationship between the extent
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Table 8. Test of Significant Relationship between the Extent of Readiness of the Respondents
and their Degree of Intention for Early Retirement
As indicated by their P-value all less than the significance level of 0.05, data
shows a highly significant relationship between the extent of readiness and their
according to the type of government institution they belong at the 0.05 significance
level.
Table 9 .Test of Significant Difference on the Extent of Readiness of the Respondents for Early
Retirement when Grouped according to the type of Government Institution
0.049, which is less than the level of significance of 0.05. This implies that there is a
23
investigation of the group means using Dunnetts C Post-hoc analysis reveals that
Government Agencies (NGA) and those coming from the Constitutional Commission
and Government Owned and Controlled Corporation (GOCC). Data shows that
differences of their extent of readiness were found out to be not significant to other
groups except from those coming from the NGA (mean=2.038), the least ready
among the groups. The mean difference of 0.201 is significant at the 0.05 level. The
second most ready group is the GOCC (mean=2.227), whose mean difference of
0.189 with NGA is also significant at the 0.05 level. However, extent of readiness
Government Units, although higher, is not significant with that of the NGA.
summarizes the mean responses of each group and the test of significant differences
Table 10. Test of Significant Difference on the Degree of Intention of the Respondents for Early
Retirement when Grouped according to the type of Government Institution
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The F-test statistic of 2.350 has a P-value of 0.042, less than the level of
significance of 0.05, implies that the degree of intention on early retirement differs
post hoc analysis. Data revealed that the respondents from the Local Government
Unit (LGU) have the highest degree of intention with a group mean of 2.33. This is
(NGA) and Government Financial Institutions (GFI) with group means of 2.012 and
2.026, respectively. However, the degree of intention of LGU does not differ
only to those from the NGA with a mean difference of 0.212 at the 0.05 level. The
degree of intention among other groups has no significant difference at the 0.05
level. These groups have the same degree of intention on early retirement. Being an
and investor generate passive income. Kiyosaki (2009) gives the plan for building
for the future especially retirement. Every persons life is made up of and affected by
the eight (8) integrities of the B-I Triangle namely: mission, team, leader, product,
legal, systems, communications, and cashflows. If one or more of the eight integrities
fulfillment, career shift and advancement and financial independence affects the
starts his/her plan with a dream that one will retire as self-sufficient individual who
will mentor other people when one reaches his/her goal to be financially free of
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Table 11. MATRIX ON PROPOSED RETIREMENT PLAN
Timeline Indicators
Retirement Plan
Financial Plan
1. Attend pre-retirement counselling Attitude Find a dream
2. Enroll in TESDA courses and other
investment seminars or trainings in Professional Work but get off
order to become aware of the latest Fulfillment to the Fast Track
trend of entrepreneurial skills
3. Attend seminars or trainings to put Career Shift and Own a Personal
up a personal business Advancement Business
Generate Income
4. Investment in real estate assets , Financial Generating
paper assets and stocks/bonds Independence Assets
4 Conclusions
The findings paved the way for the drawing out of the following conclusions .
The number of children under the age of 18 and the number of extended families
living with the employees were a significant predictor of the decision to retire. The
findings of the study manifest that the variables such as respondents with higher
age tend to be more ready for early retirement. This is also true for the household
monthly income. Respondents with higher household monthly income are more
ready for early retirement.. A persons readiness for early retirement is dependent
with his/her health status and length of service. Therefore, the extent of readiness
for early retirement is independent from the persons sex, civil status, number of
government area/sector employed and position. Respondents with higher age tend
the persons sex, civil status, number of dependents, health status, monthly income,
occupational status, position and length of service. The degree of intention of the
retirement issues and financial planning are factors that affect the decision of
26
Planning to the different types of government sectors for the employees to have
capacity, pursing further studies, health status and spouses employment status are
some of the other factors that influence their readiness to early retirement.
Employees do not have the necessary basic information as to what benefits they can
expect at the time of retirement. Employees do not have the analytical skills
generate significant income through work after retirement and the over-all amount
of money they will have saved by the time retirement occurs. In the light of the
findings and conclusions in this study, the following recommendations are offered.
For the government employees that they are expected to avail of the programs of
agencies that they will come up with an applicable pre-retirement programs for
the findings of the study, the government employees are still unprepared to the
that whatever age they choose, they can retire. The government institutions need to
come up with retirement interventions for softening the shock from a company-
managed work life to self-managed retirement life by providing agency to help place
27
retirees in part-time jobs, meaningful volunteer roles, or training for small
businesses. The various sectors in the government can provide assistance to the
sufficient in financial planning can do much to reduce the burden of society for
taking care of its aged citizens. Programs that inform prospective retirees of places
wealth. The researchers awareness of the retirement plan and its retirement cycle.
Such study distinguise the individuals on their own capabilities and potentials and
understanding such differences. This may serve as basis for advance training and
programs. This can help ascertain the readiness and intention of the employees
from the various government programs. A follow-up study on the indicators that
them with ideas and information which are essential for further studies among the
various government as well as the private sectors in terms of retirement plan. The
researcher recommends for future studies the following titles for research:
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