The social, economic and financial retirement status of retiring teachers and employees of private higher education institutions in Cagayan Valley, Philippines, toward an institutional retirement empowerment program

Abstract

This study focused on obtaining a clear picture of the current retirement security preparedness of the retiring faculty and employees from the different private higher education institutions in Cagayan Valley, Philippines as well as their foreseen actual social, economic and financial needs to ensure their readiness for retirement in terms of social activity plans, personal involvement in civic organizations, income, savings and investments as well as engagement in paid work after their official retirement from the academe. The respondents were 41 retiring faculty and personnel from the different private higher education institutions in Cagayan Valley who were selected based on the fact that they are all permanent/tenured teachers, lecturers and employees from their own respective institutions and have reached the last five years of their employment prior to retirement. The data in this study were generated and evaluated using the determinants or aspects of retirement security adopted from the scholarly work of Usha S. Nayar, an Indian SocioEconomist namely: (1) Social; (2) Economic and (3) Financial. The findings revealed that the respondents are generally prepared across Social, Economic and Financial aspects of retirement security. Taken as one, the respondents are confident that they are more prepared in terms of economic security. Hence, they need less economic services, opportunities and projects for retirement empowerment. The respondents, however, expressed lower levels of confidence to retire in terms of their social and financial security preparedness. As a consequence, the retiring faculty and personnel from the private higher education institutions in Cagayan Valley, Philippines openly clamored for institutional provisions across social and financial security aspects for retirement most specifically in the nature of social and financial services, opportunities and projects for retirement empowerment. The results found this study were used as a concrete basis for recommending an institutional retirement program for retiring private higher education institution teachers and employees in Cagayan Valley, Philippines.