PHILIPPINES: Aon 2020 Retirement Study
The Aon Philippines Retirement Benefit Study 2020 is designed to help employers benchmark their approach to employee retirement benefit provision. 41 participants took part in our comprehensive study covering all aspects of retirement plan design.
44% of participants provide only the statutory retirement benefit to their employees. Of this, 79% are in the process of setting up a supplementary plan or may set one up in the future.
The workforce in the Philippines is young and growing. The largest group in the work force is the millennials, those aged 25 to 34*. With the well-established Business Process Outsourcing industry and expected increase in headcounts (pre COVID-19), the talent war continues. The two key areas of retirement plan design in attracting and retaining talent are, contribution strategy and vesting schedule.
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