With over 58% of millennials making up the workforce in the Philippines, coupled with the fact the country has one of the lowest savings rates in Asia, retirement readiness has become a real issue for current and future retirees.
Companies face persistent risks and evolving realities on retirement schemes: market volatility, uncertain liabilities, expenses and contributions reductions, and trends to move from defined benefit to defined contribution. More employers are enhancing the voluntary aspect of retirement schemes as they see the need to engage employees in setting up their own savings plan to supplement what employers are providing. Well-designed retirement programs strengthen the employer’s value proposition to employees and enable companies to attract and retain their high potential talent.
Mercer has been providing retirement valuation and consulting services for our clients across an array of industry sectors for decades. We offer creative solutions for designing the right retirement program, while aligning to our clients’ financial and HR objectives.