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Saturday, July 13, 2024

BDO promotes PERA for better-off retirement

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Most Filipinos remain unresponsive to retirement planning even when its importance has been highlighted by experts. The lack or insufficient understanding of its benefits remains the primary reason, followed by personal choices, life situations and mindsets.

Results of the 2019/2020 Global Benefits Attitudes Survey conducted by Willis Towers Watson showed that in terms of retirement readiness, more than 50 percent of surveyed employees bared they were not heading in the right direction when it comes to retirement savings.

“Employers can further help their employees augment their retirement savings by considering the Personal Equity and Retirement Account. Retirement life is meant to be enjoyed even after employees stop earning. And PERA is a means for the retirees to relish their desired lifestyle, as well as provide financial security to their dependents,” said Marissa Romero, vice president for programmed investments, retail accounts of BDO Unibank’s Trust and Investments Group.

PERA is a voluntary retirement savings plan that encourages individuals to save and invest for their retirement while enjoying tax incentives both from contributions and income from investments.

BDO, an accredited PERA administrator, can help employers set-up and establish PERA for their employees. The bank will also guide the employee-contributors on financial wellness, how to open the PERA in their name and how they can invest and reinvest PERA contributions in qualified PERA investment products.

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