House OKs bill lowering retirement age of gov't workers to 56

The bill seeking to allow government workers to retire at age 56 was approved on third and final reading at the House of Representatives.

The vote for House Bill 8683 during Monday's session was 206-0.

The bill will amend Section 13-A of Republic Act 8291, or the Government Service Insurance Act of 1997, which sets the age of retirement at 60.

The amendments to Section 13-A entitled Conditions of Entitlement provide that a government employee, who is a member of the Government Service Insurance System, who retires from the government service shall be entitled to the retirement benefits provided that such member: 1) has rendered at least 15 years of service; 2) is at least 56 years of age at the time of retirement; and 3) is not receiving a monthly pension benefit from permanent total disability.

The authors said that with lower optional retirement age, the retirees can enjoy a better quality of life through their pension and retirement benefits at an earlier age.  —LDF, GMA News