READINESS AND INTENTION TO EARLY RETIREMENT

AMONG GOVERNMENT EMPLOYEES IN BUTUAN CITY 1

PILAR M. BULAWIN 2

May 2013

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Paper prepared for the World Conference on Public Administration, June 25-27, 2014, Daegu, South
Korea. A special thanks to the Korean Association on Public Administration and my mentors, Dr. Alfredo
Derecho, Dr. Roselle Ranario and all the research respondents from the government sectors of Butuan City.
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Pilar M. Bulawin, a Real Estate Broker/ Appraiser and a DPA graduate from Southwestern University,
Cebu City. Currently employed as Human Resource Management Officer III of Pag-IBIG FUND, Butuan
Branch Office, Butuan City, Philippines.

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 Abstract

The main purpose of this study was to determined the readiness and intention to Early Retirement
Plan among government employees in Butuan City. The indicators identified were attitude,
professional fulfillment, career shift and advancement and financial independence. This study
endeavored to determine the extent of readiness and intention to early retirement plan. A
researcher-made tool was used to gather the quantitative data. Series of of focus group discussions
were conducted to elicit information for qualitative data. The extent of readiness to early retirement
of research respondents among the government sectors were influenced by the retirement intention
as well as the demographic and work profile of an employee. Early retirement decision can be of any
age, it is most dependent on the persons context. In terms of attitude, some employee have been
thinking of retiring from the office ahead but the level of their maturity are not ready yet to handle
the retirement cycle they have to undertake during the actual retirement phase. One indicator is the
loss of ones identity when one losses his job. Nevertheless, financial independence has been a
struggle for most of the government workers in Butuan City. Most of the government employees
were in-depth of debts such as GSIS loans, housing loan, salary loans leaving a low net take home pay
that supposedly intent for savings. Most likely, the government workers are less ready to avail of the
Early Retirement Plan. The implementation of the Rationalization Plan leads to the change of the
system of the organization with the integration of the new technology system. It requires speed in
the making of voluminous reports living an employee a short period of time to catch up with the
deadline of reports. Aside from that, displacement of personnel to other provinces leads to the
intention of the employee to Early Retirement Plan because he was less ready to leave his families
and start all over again the new assigned tasks. The Local Government (LGU) sector had a high
intention to early retirement while the Constitutional Commission sector was highly ready among
the government institutions in Butuan City. A proposed retirement plan was developed from the
findings of the study.

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1 Introduction

Globalization, computerization, e-commerce and other new technologies

invented make the Information Age todays wave of development. Changes in

organizations are widely observed in private corporations as well as in the public

agencies. Globalization is shifting more and more power from governments to

global organizations and businesses. Businesses are operating in a competitive

global environment. Today, many companies are undergoing reorganization, thus,

doing numerical and functional flexibility to cope with the competitiveness in the

global arena (Cabadonga, 2011).

In the Philippines, globalization resulted in privatization of public

enterprises, deregulation of markets and rapid liberalization of the economy. In the

midst of challenges facing the public sector, the government has to define its proper

role in society leading to the implementation of Executive Order No. 366 on October

4, 2004. It calls for a Rationalization Program to transform the Executive Branch

into a more effective and efficient government. Personnel affected by the

implementation of the Rationalization Program under EO No. 366 have the option to

remain in their mother agency where their positions can be accommodated; be

deployed to other agencies needing additional personnel, without reduction in

salary; or retire /separate with the applicable incentives.

It is for this reason that the researcher undertook the study to determine the

factors that influenced employees early retirement plan-be it voluntary or

involuntary. The findings of the study will be the basis in the creation of the

proposed retirement plan as to the extent of readiness and the degree of early

retirement intention among government employees in Butuan City.

This study was anchored on the theory of Guillemard (1982) who identifies

five types of retirement patterns or intentions. These are withdrawal, professional,

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leisure, protest and acceptance retirement. Snow, et.al (1977) identified two

contrasting retirement patterns or intentions related to successful adjustments.

These are transformers and maintainers. The transformers reduce their

professional activity and create a new lifestyle after retirement. They choose a non-

professional activity such as hobbies, travel, community affairs or politics. They do

not relax and do nothing. The maintainers, on the other hand, hold on to

professional activity. They work part-time after formal retirement and supplement

their work with leisure activities in order to occupy their time. Favourable and

positive attitudes toward retirement are associated with planning, having intentions

to occupy ones time, counselling, personal discussion and exposure to news media

about retirement. Workers need to be socialized into post-work roles just as they

are socialized into other roles. Workers need to anticipate and plan for retirement.

This can be done by saving money because small amounts add up over the years,

decide what one wants to do for oneself, begin early to care for ones health, form

relationships now that have depth and meaning with a sense of performance and

expanding ones interest now so that ones work is not the primary focus and source

of income.

The literature gathered is based in the evolution of retirement laws, the legal

basis, rationalization plan, retirement theories, factors in retirement decision

making and the retirement plan. Cabadonga (2005) posited that the Philippines has

an evolving four system of old-age protection scheme for its people. First, is the

social assistance programs given for the benefit of the poor in the society, these

programs are particularly handled by the Department of Social Worker (DSWD), the

Department of Health (DOH) and the Department of Labor and Employment (DOLE).

Second, is the mandatory defined benefit scheme which is provided by the Social

Security System (SSS) for private sector workers and the Government Service

Insurance System (GSIS) for public sector employees. Third, includes the mandatory

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requirement of retirement pay through Republic Act, deposits maintained at the

Pag-IBIG FUND, which become available upon retirement and the mandatory

retirement pay. The public sector workers receive a combination of first and second

layer benefit. Fourth, is voluntary in nature, where companies devise their own

retirement plan or individuals on their own, buy pension plans and other pre-need

products to provide the many contingencies in life.

Recently, RA 6683 which is an act providing benefits for early retirement and

voluntary separation for service in the government, as well as involuntary

separation of civil service officers and employees pursuant to various executive

orders authorizing government reorganization after the ratification of the 1987

constitution appropriating funds thereof and for other purposes. Appointive officials

and employees who are retired or separated under this Act shall not be eligible for

appointment to, or employment in any branch, agency of the government within a

period of five (5) years after separation unless they refund the benefits they

received. Provided, however, that those reemployed in the government shall be

treated as new entrants insofar as GSIS coverage is concerned. When an employee

intend to avail of this retirement package, awareness of the retirement phases

should be undertaken to easily cope up and be able to adjust to the actual

retirement cycle. Flippo (1994) cited that sociologist have identified several phases

through which an employee may go in experience the retirement event. The first

phase begins many years prior to the actual retirement date. At some point

awareness of approaching retirement hopefully has some effect in providing for the

most two essential elements of successful retirement- financial security and leisure

skills. This awareness should occur in the remote phase of pre-retirement in as

much as neither of these two essentials can be developed overnight. The second

phase occurs just prior to the event and makes the fact of imminent retirement

highly explicit. One begins to perceive that fellow employees view him or her in

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short term perspectives. Involvement in major programs tends to lessen. One may

asked to train a replacement. And in many instances, certain rites of passage in the

form of retirement ceremonies and receptions are held. For many people, the third

phase of the cycle is termed the honeymoon stage. One wallows in the new-found

freedom and lives out fantasies that finances will permit- travelling, fishing, golfing,

visiting, seeing the grandchildren, and so on. Not everyone goes through the fourth

phase, but when life finally slows down, the honeymoon is over and a certain

amount of disenchantment sets in. The highly desired constant travel and visiting

becomes boring. Those who have not developed a variety of interests and skills in

preparation for retirement are likely to experience this stage more severely. It may

be particularly difficult if one has moved to a different community after retirement.

The disenchantment phase will be followed by one of reorientation. One attempts to

structure a lifestyle that can run for many years. Help can be obtained from many

community agencies and churches that have various programs designed to help

retirees determine their level and quality of involvement. It required exploring new

opportunities and making realistic choices in the light of personal interests and

skills. In the stability stage of the cycle, the retiree has developed a philosophy and

pattern of decision making resulting in a reasonably busy, predictable and satisfying

life. The retirement role has been mastered. The individual is able to cope and adapt

to declines in physical capacity that inevitably come with advancing age. He or she is

self-sufficient adult who has translated the roleless role into a dignified, responsible

and meaningful position in society. If life continues, one could enter the termination

phase, where the retiree is no longer self-sufficient. Loss of able-bodies status or

loss of financial support may mark the end of retirement as defined. The person

ceases to be retired, becomes dependent upon others or societal institutions, and

thereby loses some of the dignity associated with the role of retirement.

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 The primary purpose of the study is to ascertain the extent of Readiness and

degree of intention to Early Retirement among the government employees in

Butuan City. The findings of the study will provide insights to accept that one can

successfully live in dignity as a retiree with planned retirement program and an

early retirement income strategy .

2 RESEARCH DESIGN

The study use the descriptive correlational method of research because it

seeks the description of the respondents personal profile and its readiness to early

retirement. To determine the qualitative component of the study, the focus group

discussion were conducted to verify the validity of the study. There were six (6 )

government sectors covered in this study. The researcher used the purposive

sampling in determining the sample. The population of the study is consisted of

478 employees. The sample is composed of 239 which selection was based on

employees who have been employed one year or more. The size of samples are

primarily base on the readiness of the government workers which are evaluated by

the respondents in various government agencies namely: Government-Owned and

Controlled Corporation, National Government Agency, Constitutional Commission,

Government Financing Institution, Government Academic Institution and Local

Government Unit. The quantitative method used the researcher-made

questionnaire. There were three (3) sets of questionnaires distributed to the

employees in the six (6) government sectors in Butuan City which the Regional

center of the Caraga Region in the Philippines. This was a researcher-made tool. Part

I consists of respondents personal profile. This includes the respondents name

(optional), age, sex, civil status, number of dependents, health status, combined

monthly income, highest educational attainment, occupation, type of government

employee, position and length of service. Part II consists of the extent of readiness

to early retirement perception of the respondents in terms of attitude, professional

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fulfillment, career shift and advancement and financial independence. Part III

consists of the degree of intention perception to early retirement of the respondents.

Furthermore, the instruments undergone a reliability test using Cronbachs Alpha.

This statistical tool was used to test the internal consistency and reliability of the

instrument. It was submitted to the panel of experts for review. The instruments

undergone revisions and there were 8 employees involved in the dry run before

the questionnaires were finally printed. Said employees were excluded as

respondents in this study. The Likert Scale of 4 degrees was used in ascertaining the

level of perception of research respondents. The rating of 4,3,2 and 1 had a response

category of SA (Strongly Agree), A (Agree), D (Disagree) and SD (Strongly Disagree).

The interpretation used was Highly Ready/High Intention with a weight range from

3.26-4.00, Moderately Ready/Moderate Intention with a weight range from 2.51-

3.25, Less Ready/Less Intention with a weight range from 1.76-2.50, and not

ready/no intention with a weight range from 1-1.75. While in the qualitative

method, the researcher conducted the focus group discussion to further verify in-

depth the possible answers to the problems cited in this study. The focus group

discussions researcher made tool were given after prayer and presentation made

by the researcher. It was represented by the various employees among the six (6)

government sectors. The participants one by one shared their understanding and

gave some insights to the theories and further enhance the possible answers to the

problems cited in the study. During the distribution of questionnaires, the

researcher seek approval from the Manager of the various selected agencies. Copies

of the permit were attached to the questionnaires. The respondents, however, will

be given an orientation before giving the questionnaire. She requested a person-in-

charge in getting those questionnaires that were retrieved as scheduled. It took one

month for the retrieval of the questionnaires for the six government institutions. As

the questionnaires started pouring, the researcher immediately started tallying the

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responses, giving importance to the variables involved in the study. The researcher

employed the following statistics in answering the problems posed in the study

namely: Frequency and Percentage, Mean, Chi-square Test of Independence,

Spearman-rank Correlation, Pearson Product Moment Correlation (Pearson-r), One

Way Analysis of Variance (ANOVA) and Thematic Content Analysis.

3 PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA

Chapter 3 discusses the major findings obtained in the study, its

corresponding analysis and interpretation. The sequence of the discussion follows

the order of the problem presented in the study. The demographic profile of the

government workers as to age, sex, civil status, number of dependents

(core/extended), health status and household income, by sector. It shows the

distribution of the research respondent in terms of age in which 102 or (42.7 %) are

in ages 45-49 years old. Out of the 239 government employees surveyed, fourteen

(14) or (5.9 %) are in ages 60 years old and above. This implies that majority of the

research respondents are 45-49 years of age. The findings were related to Asis

(1995) that cited the general observation of the respondents age pointing that all

companies are most likely employed young employees because according to the

generally accepted ideas that young people are highly ambitious, highly oriented

and are subtle in their response to any demand of the job, and eagerness to learn

more that results to high standard performance. A local study of Lim (2003) on

older workers attitudes toward retirement suggest that the respondents (aged 40

years and above) generally prefer to remain employed in some ways after they have

officially retired from the workforce. They are also willing to undergo skill

retraining and upgrading to work longer. They are more worried about not working

at all after retirement than being without friends, being unoccupied or feeling lonely.

Since they have lost their identities associated with their jobs, they have to create a

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new lifestyle that is productive and emotionally rewarding. The distribution of the

research respondents in terms of sex, in which 169 or (70.7 %) are female. Out of

the 239 government employees surveyed, seventy or (29.3 %) are male. This

implies that majority of the research respondents are female. Antolin, et.al. (1998)

find that sex have a strong impact on the retirement decision. Women tend to retire

earlier than men. In terms of civil status, a total of 184 or (77 %) are married. Only

11 or (4.6 %) are separated/annulled. This implies that majority of the employees

are married. Fieldman (1994) observed that individual married to working spouses

are more likely to accept early retirement. As to the number of dependents (core),

out of the 239 research respondents 114 or (47.7 %) are having 2-3 children and 32

or (13.4 %) are having 4 or more children. This implies that majority of the

employees have 2-3 children. Mehbaliyev (2009) cited that most people are married

when they reach retirement age, thus, civil status may affect ones decision to retire.

On average, husbands are three years older than their wives in the United States and

spouses often coordinate their retirement decisions. Thus, men are more likely to

retire if their wives are also retired than if they are still in the labor force, and vice

versa. With regards to the number of dependents (extended), there are 41 or (17.2

%) are having 1-2 relatives/parents living with them while only 9 or (3.8 %) are

having 4 or more relatives that are with them. This implies that some of the

employees have 1-2 relatives /parents living with them. Regarding the health status

of the employees in Butuan City, most of them are healthy with a number of 131 or

(54.8 %) while around 4 or (1.7 %) indicate that they are unhealthy. This implies

that majority of the employees are healthy. As to the combined monthly income,

almost 121 or (50.6 %) have a combined monthly income ranges from P 20,000.00

P 40,000.00 per month. There are 27 or (11.3%) that have an income of P 60,000.00

and above. This implies that majority of the employees have a household monthly

income of P 20,000.00 P 40,000.00 per month. Palmore, et.al (1985) found that

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the socio economic factors found to be more important predictors of the retirement

decision than the demographic characteristics, such as age, marital status and

member of dependent children, among those older than retirement age (ages 65-

69) . Turner (1989) found that age is the only demographic predictor of retirement

for those from the Retirement History Study (RHS). On the contrary, for those from

the National Longitudinal Survey (NLS), the number of children under the age of 18

was a significant predictor of the decision to retire whereas age was not. Generally,

the result indicates that the government employees in Butuan City are 45 49 years

old, female, married, having a dependent (core) of 2-3 children and with 1-2

relatives/parents living with them, healthy and with a household income ranges

from P 20,000.00 to P 40,000.00 per month.

The work profile of the government workers as to highest educational

attainment, occupational status, type of government area/sector employed, position

and length of service, by sector area. Considering the employees highest educational

attainment, there are 128 or (53.6 %) are Bachelors degree holder while only 12 or

(5 %) are doctorate holder. The result implies that most of the government workers

in Butuan City are Bachelors degree holder. Focusing the employee in Butuan City

in terms of occupational status, there are 234 or (97.9 %) are permanent employees

and only 2 or (.8 %) are casual employees. The result implies that the rest of the

employees having a permanent plantilla position.

As to the type of government area/sector employed, there are 82 or (34.3 %)

are from the National Government Agency (NGA). There are only 12 or (5.0 %) are

from the Government Financing Agency (GFI). This implies that majority of the

employees are from the National Government Agency (NGA). Considering the

position of the employees, most of the employees are rank and file with a number of

124 or (51.9 %) while only 3 or (1.3 %) are Senior Manager. The result implies that

the majority of the respondents are rank and file employees. Regarding the length of

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service of the employees, most of them have rendered their service for at least 21 to

25 years with a number of 59 or (24.7 %) while around 21 or (8.8 %) have worked

less than 10 years. The result implies that most of the employees have rendered

their service for at least 21 to 25 years. Palmore, et.al. (1985) found socio-economic

factor such as education, occupation and income and job characteristics to be

important predictors of the retirement decision. Generally, the result indicates that

most of the research respondents are government employees in Butuan City that are

Bachelors degree holder, permanent, working in the National Government Agency

Sector , holding rank and file positions and has been with the service for almost 26

years or more.

Consequently, Table 1 presents the extent of readiness to early retirement

which has an over-all mean of 2.09 and verbally interpreted as less ready.The

indicator have been thinking about retirement 5 years ago has the highest mean

of 2.59 and verbally described as moderately ready. This indicates that most of

the government employees have a common perception on thinking the retirement

five years ago. Meanwhile, the indicator have sense of responsibility, confidence

and maturity to handle lifes situation when I retire has the lowest mean of 1.70

with the verbal description of not ready. Indicators such as have done simple

planning for my retirement, have felt about retirement as something I look forward

for, have decided this time when and where to retire, have very clear sense of

who am I and why I wanted to retire,have thought of the type of lifestyle I would

like to have in retirement, that is, where I would like to live and the things I would

like to do, have spouse/parents/other person influence in my retirement decisions

of when and/or where to retire, have realistically prefer a standard of living that is

higher than in my working years and value discipline in the way I spend my

money interpreted as less ready. Robinsons, et.al. (1985) cited that attitude

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Table 1. Mean and Over-all Mean of the Extent of Readiness of the Respondents to Early

Retirement in terms of Attitude

ATTITUDE INDICATORS
Mean Verbal Interpretation

1. have been thinking about retirement 5 years ago 2.59 Moderately Ready
2. have done simple planning for my retirement 2.10 Less Ready
3. have felt about retirement as something I look forward to 1.98 Less Ready
4. have decided this time when and where to retire 2.16 Less Ready
5. have very clear sense of who am I and why I wanted to retire 1.95 Less Ready
6. have thought of the type of lifestyle I would like to have in
retirement, that is, where I would like to live and the things I 1.77 Less Ready
would like to do
7. have sense of responsibility, confidence and maturity to handle
1.70 Not Ready
lifes situation when I retire.
8. have spouse/parents/other person influence in my retirement
2.41 Less Ready
decisions of when and/or where to retire.
9. have realistically prefer a standard of living that is higher than
2.16 Less Ready
in my working years
10. value discipline in the way I spend my money 2.05 Less Ready
Over-all Mean 2.09 Less Ready

towards retirement has been found to be important in the decision to retire, in ones

planning for retirement and in ones satisfaction with retirement. During the focus

group discussion, one participant from the Local Government Unit (LGU) cited that

the readiness of the research respondents is dependent on the persons context. In

terms of attitude, he has been thinking of retiring from the office ahead but the level

of his maturity is not ready yet to handle the retirement cycle he has to undertake

during the actual retirement phase. One indicator is the loss of ones identity when

one losses his job as mention in the focus group discussion. The participant did

mentioned about his significance in society was reflective upon the status of his

employment in the government sector.

On the other hand, Table 2 presents the extent of readiness to early

retirement in terms of professional fulfillment which has an over-all mean of 2.00

with a verbal interpretation as less ready. The completed post graduate studies has

the highest mean of 2.28 interpreted as less ready. Professional fulfillment in

terms of having a supportive environment has the lowest mean of 1.81 verbally

interpreted as less ready. Super (1983) said that individuals self-concept is his

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concept of himself, not inferences made by outside others. Cytrybaum, et.al. (1980)

proposed that reorientation to work, career, creativity and achievement, was a

critical midlife task. They further intended that quality of which the task is

accomplished determines growth and adaptation and that failure to master this task

may lead to distress in later life.

Table 2. Mean and Over-all Mean of the Extent of Readiness of the Respondents to Early
Retirement in terms of Professional Fulfillment

PROFESSIONAL FULFILLMENT INDICATORS Verbal

Mean
Interpretation
1. have supportive working environment 1.81 Less Ready
2. attended retirement workshop or training for retirement that help me
2.26 Less Ready
in my decision making
3. completed post graduate studies 2.28 Less Ready
4. take ownership on the job that assigned to me 1.98 Less Ready
5. am appropriately compensated for the work I do 1.86 Less Ready
6. am mentored and coached by supervisors 2.10 Less Ready
7. find it easy to balance the demands of work and family life 1.88 Less Ready
8. have provided with challenging work 1.85 Less Ready
9. have been able to do access to training and development 1.95 Less Ready
10. have been assigned to various job positions 2.01 Less Ready
Over-all Mean 2.00 Less Ready

During the focus group discussion, one of the participants from the Government

Academic Institution shared that the readiness of the employees in terms of

professional fulfillment was influenced by the highest educational attainment of the

employee due to the fact that he has completed his doctorate studies but less ready to

avail of early retirement plan because of his passion in doing his teaching profession.

He further elaborated that having a supportive working environment tend to be less

ready to avail of early retirement plan due to his willingness to be of service to the

people until he reaches the retirement age of 65.

As presented in Table 3, the extent of readiness to early retirement in terms

of career shift and advancement has an over-all mean of 2.19 with verbal

interpretation as less ready. The indicator have not experience mental and

physical stress in my job has the highest mean of 2.65 verbally described as

moderately ready. Motivate to work with peers and supervisors has the lowest

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mean of 1.87 verbally interpreted as less ready. In corroboration with Super

(1990) laid out measures of career maturity that provide a yardstick for

determining an individuals progress through life stages. Supers five developmental

task occurring within the exploratory stages are: concern with vocational choice;

increased vocational information, comprehensive and detailed planning; increasing

consistency of vocational choice; crystallization of traits relevant to vocational

choice and increasing wisdom of vocational preferences. Amadi (1991) stated that

early retirement would mean leaving ones regular routine or habitual career,

position, business or active life. Viewed as such it could become a threat to many

workers who may not know what to do with their time and lives after retiring from

active service. To those workers so attached to their work, it is often assumed that it

may pose a great challenge to them (Blunt 1983). This is manifest in terms of stress

relating to changes in routine , changes in personal habits, and changes in

opportunities for social interaction and for workers who take work as a central life

interest, they are said to suffer most when the time to retire comes.During the focus

group discussion, the employee from the Government-Owned and Controlled

Corporation shared that he had experienced mental and physical stress in his job.

He was ready to avail of the Early Retirement Plan but yet he is motivated to work

with his peers and supervisors because of the harmonious working culture in his

office. He further added that due to the implementation of the Rationalization Plan,

the integrated technology system was being implemented and that change the

system of the organization. This leads to mental stress in his job. It required speed

in the making voluminous reports living an employee a short period of time to catch

up with the deadlines of reports. Aside from that, displacement of personnel to

other provinces leads to the readiness of the employee to Early Retirement Plan

because he was less ready to leave his families and start all over again the new

assigned tasks.

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Table 3. Mean and Over-all Mean of the Extent of Readiness of the Respondents to Early
Retirement in terms of Career Shift and Advancement

CAREER SHIFT AND ADVANCEMENT INDICATORS

Mean Verbal Interpretation

1. have not experience mental and physical stress in my job 2.65 Moderately Ready
2. motivate to work with peers and supervisors 1.87 Less Ready
3. have time to travel and work abroad 2.49 Less Ready
4. complete reports on time 2.21 Less Ready
5. have time freedom where I have work responsibilities which I can
2.24 Less Ready
do according to my own time schedule
6. transfer location due to job rotation, promotion and reorganization 2.38 Less Ready
7. am satisfied with job and pay 2.01 Less Ready
8. am recognized and rewarded for my contributions and efforts in my
2.03 Less Ready
workplace
9. attend seminars and trainings for my professional and personal
1.90 Less Ready
growth
10. have no conflict at work 2.07 Less Ready
Over-all Mean 2.19 Less Ready

Moreover, Table 4 presents the extent of readiness to early retirement in

terms of financial independence with an over-all mean of 2.30 with verbal

interpretation as less ready. The indicator have a financial adviser and mentor has

the highest mean of 2.57 with a verbal interpretation as moderately ready. The

indicator have enough savings for retirement has the second highest mean of

2.55 with a verbal interpretation as moderately ready. On the other hand, the

indicator discuss with my spouse our goals for retirement and the financing

required to achieve them (for married workers only) has a lowest mean of 1.90 with

a verbal interpretation as less ready. Currie (2013) offers his quick assessment of

financial readiness.

Brannin, et.al (2009) introduces a new perspective that offers an

individualized, conceptual sustainable retirement model that entitled the Modern

Retirement Theory (MRT). MRT encompasses balance-sheet asset management,

preservation and utilization strategies at the individual client level. This theory

focuses attention on the individualized nature of financial planning. It proposes a

perspective on retirement planning that seeks to meet the individual clients

retirement goals under a market condition or life event.

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Table 4 . Mean and Over-all Mean of the Extent of Readiness of the Respondents to Early
Retirement in terms of Financial Independence

FINANCIAL INDEPENDENCE INDICATORS

Mean Verbal Interpretation

1. have enough savings for retirement 2.55 Moderately Ready

2. plan to work after I retire as a freelancer in ones profession (e.g.
2.29 Less Ready
consultant, real estate broker, et.al.) that fits in a flexible schedule
3. have paid all my loans/mortgages 2.27 Less Ready
4. discuss with my spouse our goals for retirement and the financing
1.90 Less Ready
required to achieve them (for married workers only)
5. have paid my health and life insurances 2.13 Less Ready
6. have allocate funds to provide financial support for an extended
family members such as parents, parents-in-law, dependent children 2.33 Less Ready
or grandchildren during retirement
7. have started a personal income-generating business that provides
2.27 Less Ready
monthly income to support my financial expenses when I retire
8. have attended financial education, that is, seminar on business skills,
2.42 Less Ready
money management skills and investment skills
9. have a financial adviser and a mentor Moderately
2.57
Ready
10. have been able to acquire real estate properties and other investment
2.25 Less Ready
vehicles to help me prepare for my retirement
Over-all Mean 2.30 Less Ready

Nevertheless, financial independence has been a struggle for most of the

government workers in Butuan City. One participant of the focus group discussion

elaborated that most of the government employees were in depth of debts such as

GSIS loans, housing loan, salary loans leaving a low net take home pay that

supposedly intent for savings. Most likely, the government workers are less ready to

avail of the Early Retirement Plan. He further added that a secure livelihood or

having a personal business that produces income generating assets must be done

during his working years in the government in order to fast track at work. Generally,

the result indicates that most of the research respondents in the government sector

in Butuan City should have adequate preparation where pre-retirement programs

will be conducted to increase their awareness and understanding of retirement

issues. The result implies that in terms of attitude, professional fulfillment, career

shift and advancement and financial independence, the extent of readiness to early

retirement reflects that financial education must address the awareness of

government workers to be self-sufficient. Thompson (1986) said that retirement is

an event that requires adaptation by the individual. It is not only a normative life

transition but also a complex social institution involving the interaction of the

17
individual, the family and the economy (Turner, 1989). According to one of the

participants in the focus group discussion from the Constitutional Commission cited

that the readiness of an employee to early retirement plan can be influenced by her

spouses employment status aside from the following indicators such as attitude,

professional fulfillment, career shift and advancement and financial independence.

Being less ready in terms of this indicator, but she was highly ready to avail of early

retirement since her husband can provide their income aside from the various

properties or investment they already acquired.

Furthermore, Table 5 presents the degree of early retirement intention of the

respondents with an over-all mean of 2.104 with a verbal interpretation as less

intention.The indicator have enough savings for retirement aside from GSIS

pension plans and other pre-need pension plans has the highest mean of 2.57 with

a verbal interpretation as moderate intention. On the other hand, the indicator

intent to retire early whenever I reach the required age and required service years

in the government has a mean of 2.45 verbally interpreted as less intention. The

indicator spend quality time with family has the lowest mean of 1.69 with a verbal

description as no intention.

As to Schlossberg (2004) in a study of 100 retirees, found that retirement is

not one but many transitions that coping with these transitions depend on the role

of work and family in the life of the individual and the timing of retirement. She

identified the following retirement intentions of people: continuers, adventurers,

searchers, easy gliders, involved spectators and retreaters. Qualls, et.al (2002) found

that those people most happy in retirement enjoy a variety of activities, ranging

from volunteer work, exercise, and continuing education. Many on the road to

retirement plan to spend a lot of time traveling but at times unexpected physical

ailments may make extensive traveling difficult. The result implies that the financial

18
Table 5. Mean and Over-all Mean of the Degree of Early Retirement Intention of the
Respondents

RETIREMENT INTENTION INDICATORS Verbal

Mean
Interpretation
1. have enough savings for retirement aside from the GSIS pension plans or Moderate
2.57
other pre-need pension plans Intention
2. have paid my debts such as bank loans, car loan, house loan, credit card
2.36 Less Intention
and other personal loans
3. prefer to stay in my present home 2.28 Less Intention
4. feel optimistic about the future 1.92 Less Intention
5. intent to retire early whenever I reach the required age and required
2.45 Less Intention
service years in the government
6. expect to have a greater life satisfaction when I retire 1.88 Less Intention
7. still remain in the workforce after my expected retirement age if flexible
2.44 Less Intention
employment options were available
8. travel around the world with family 2.26 Less Intention
9. spend quality time with family 1.69 No Intention
10. voluntarily do some charity work 1.92 Less Intention
11. do passionately the work that I love to do and enhance my skills in the
1.83 Less Intention
field of my profession where I can be of help to others
12. expect to work full time on my personal business and create income
2.07 Less Intention
generating assets
13. engage myself in the pursuit of knowledge to build my confidence and
1.97 Less Intention
become a person of significance when I retire
14. undergo pre and post retirement counseling to be able to adjust the
change of culture that a retiree faces during the different phases of 2.03 Less Intention
retirement cycle
15. have a spouse, parents, relatives to support me emotionally and
1.90 Less Intention
spiritually when I retire
Over-all Mean 2.104 Less Intention

stability influence the retirement intention among the government workers. The

result also implies that among the government workers, most of them have no

intention to retire early for the reason of spending quality time with their family.

This is in contrast to perception of one of the participants in the focus group

discussion. A government employee from the Local Government Unit (LGU) cited

that he strongly intent to retire early to spend quality time for his family. But he was

not financially stable for early retirement plan. More time in the family but have no

generating income can lead to financial distress in the family. Having a lot of money

with no time for the family influenced broken marriages, drug addiction of kids and

less family bonding. He further added that he intent to retire early when he had

both the freedom of time and money.

Focusing on the result of the test of significant relationship between the

respondents age, sex, civil status, dependents, health status, monthly income,

19
 highest educational attainment, occupational status, type of government area/sector

employed, position, and length of service and their extent of readiness for early

retirement as shown in Table 6.

Table 6. Test of Significant Relationship between the Profile of the respondents and their
Extent of Readiness for Early Retirement
EXTENT OF READINESS
PROFILE VARIABLES Decision on Ho Conclusion
Correlation P-valuea
AGE 0.185* 0.004 Reject Significant
SEX 55.358** 0.498 Do not reject Not Significant
CIVIL STATUS 169.259** 0.458 Do not reject Not Significant
DEPENDENTS (Core) 0.036* 0.583 Do not reject Not Significant
DEPENDENTS (Extended) 0.052* 0.420 Do not reject Not Significant
HEALTH STATUS 202.638** 0.035 Reject Significant
MONTHLY INCOME 0.142* 0.028 Reject Significant
EDUCATIONAL ATTAINMENT 0.106* 0.102 Do not reject Not Significant
OCCUPATIONAL STATUS 111.365** 1.000 Do not reject Not Significant
AREA/SECTOR 258.043** 0.822 Do not reject Not Significant
POSITION 152.203** 0.803 Do not reject Not Significant
LENGTH OF SERVICE 255.823** 0.020 Reject Significant
a. P-value tested at 0.05 level of significance; Ho is rejected if P-value < 0.05;
* - Spearman Rank correlation coefficient for ordinal data.
** - Chi-square test of independence for nominal data.

As indicated by their P-value less than the significance level of 0.05 (P<0.05), data

shows significant relationship on the extent of readiness to early retirement of the

respondent and his/her age (P=0.004), health status (P=0.035), monthly income

(P=0.028), and length of service (P=0.020). The Spearman-rank correlation

coefficients between the extent of readiness and age (r=0.185) and monthly income

(r=0.142) indicates positive correlation. This implies as the age of the respondents

increases, their extent of readiness also increases. That is, respondents with higher

age tend to be more ready for early retirement. This is also true for the household

monthly income; respondents with higher household monthly income are more

ready for early retirement. According to Birren (1984), older individuals reporting

the highest life satisfaction have a future orientation. The Chi-square test of

independence between the extent of readiness of the respondents and their health

status and length of service reveal significant Chi-square values. This implies that

extent of readiness for early retirement is correlated with respondents health

status and length of service. Therefore, a persons readiness for early retirement is

dependent with his/her health status and length of service. Atchley (1988)

20
concluded that retirement planning and attitude have been related to health. Data

however shows no significant relationship between the extent of readiness of the

respondent and his/her sex, civil status, number of dependents, highest educational

attainment, occupational status, type of government area/sector employed and

position. As indicated by their P-values all greater than the significance level 0.05

(P>0.05), data could not provide sufficient evidence to reject the null hypothesis at

the 0.05 level of significance. This implies that the respondents readiness for early

retirement has no significant correlation from these profile variables. Therefore, the

extent of readiness for early retirement is independent from the persons sex, civil

status, number of dependents, highest educational attainment, occupational status,

type of government area/sector employed and position.

Regarding the test of significant relationship between the respondents age,

sex, civil status, dependents, health status, monthly income, highest educational

attainment, occupational status, type of government area/sector employed, position,

and length of service and their degree of early retirement intention. Table 7 shows

the computation to support these findings.

Table 7. Test of Significant Relationship between the Profile of the respondents and their
Degree of Intention for Early Retirement
DEGREE OF INTENTION
PROFILE VARIABLES Decision on Ho Conclusion
Chi-square P-value
AGE 0.157* 0.015 Reject Significant
SEX 30.797** 0.326 Do not reject Not Significant
CIVIL STATUS 73.025** 0.798 Do not reject Not Significant
DEPENDENTS (Core) 0.073* 0.261 Do not reject Not Significant
DEPENDENTS (Extended) -0.114* 0.077 Do not reject Not Significant
HEALTH STATUS 97.877** 0.143 Do not reject Not Significant
MONTHLY INCOME -0.066* 0.312 Do not reject Not Significant
EDUCATIONAL ATTAINMENT 107.592** 0.042 Reject Significant
OCCUPATIONAL STATUS 80.498** 0.588 Do not reject Not Significant
AREA/SECTOR 163.614** 0.025 Reject Significant
POSITION 76.347** 0.711 Do not reject Not Significant
LENGTH OF SERVICE 109.532** 0.548 Do not reject Not Significant
a. P-value tested at 0.05 level of significance; Ho is rejected if P-value < 0.05;
* - Spearman Rank correlation coefficient for ordinal data.
** - Chi-square test of independence for nominal data.

As indicated by their P-value less than the significance level of 0.05 (P<0.05), data

shows significant relationship on the degree of retirement intention of the

respondent and his/her age (P=0.015), educational attainment (P=0.042), and type

21
of government institution/sector (P=0.025). The Spearman-rank correlation

coefficients between the degree of retirement intention and age (r=0.187) indicates

positive correlation. This implies as the age of the respondents increases, their

degree of retirement intention also increases. That is, respondents with higher age

tend to have a more intention for early retirement. The Chi-square test of

independence between the degree of retirement intention of the respondents and

their educational attainment and type of government institution/sector length of

service reveal significant Chi-square values. This implies that degree of retirement

intention for early retirement is correlated with respondents educational

attainment and the type of government institution/sector. Therefore, a persons

degree of retirement intention is dependent with his/her educational status and

type of government institution/sector.

With reference to Table 8, it shows no significant relationship between the

degree of retirement intention of the respondent and his/her sex, civil status,

number of dependents, health status, monthly income, occupational status, position

and length of service. As indicated by their P-values all greater than the significance

level 0.05 (P>0.05), data could not provide sufficient evidence to reject the null

hypothesis at the 0.05 level of significance. This implies that the respondents

degree of retirement intention has no significant correlation from these profile

variables. Therefore, the degree of intention for early retirement is independent

from the persons sex, civil status, number of dependents, health status, monthly

income, occupational status, position and length of service.

Whereas, the result of the test of significant relationship between the extent

of readiness on early retirement of the respondents in terms of Attitude,

Professional Fulfillment, Career Shift and Advancement, and Financial

Independence and the degree of intention for early retirement.

22
 Table 8. Test of Significant Relationship between the Extent of Readiness of the Respondents
and their Degree of Intention for Early Retirement

DEGREE OF INTENTION Decision on

EXTENT OF READINESS Conclusion
Pearson-r P-valuea Ho
ATTITUDE Highly
0.377 0.000 Reject
Significant
PROFESSIONAL FULFILLMENT Highly
0.490 0.000 Reject
Significant
CAREER SHIFTand Highly
0.442 0.000 Reject
ADVANCEMENT Significant
FINANCIAL INDEPENDENCE Highly
0.500 0.000 Reject
Significant
a. P-value tested at 0.05 level of significance; Ho is rejected if P-value < 0.05

As indicated by their P-value all less than the significance level of 0.05, data

shows a highly significant relationship between the extent of readiness and their

degree of intention on early retirement. The relationship is positive moderate as

shown by their Pearson-r correlation coefficients (positive, close to 0.50). This

implies that the degree of intention of the respondents on early retirement

increases with their readiness.

As shown in Table 9, the result of the test of significant difference on the

extent of readiness on early retirement among respondents when grouped

according to the type of government institution they belong at the 0.05 significance

level.

Table 9 .Test of Significant Difference on the Extent of Readiness of the Respondents for Early
Retirement when Grouped according to the type of Government Institution

TYPE OF GOVERNMENT EXTENT OF READINESSc

Decision on Ho Conclusion
INSTITUTION Mean F-value P-value
(A) CONSTITUTIONAL 2.239a
COMMISSION
(B) ACADEMIC INSTITUTION 2.162
(C) FINANCIAL INSTITUTION 2.108
2.250 0.050 Reject Significant
(D) GOVT. OWNED/CONTROLLED 2.227a
CORP.
(E) LOCAL GOVERNMENT UNIT 2.092
(F) NATIONAL GOVT. AGENCIES 2.038b
a Mean difference is significant with type (F) at the 0.05 level.
b Mean difference is significant with type (A), (D) at the 0.05 level.
c Post-hoc analysis of significant mean differences using Dunnetts C statistic.

The One-way analysis of variance of the gathered data reveals a P-value of

0.049, which is less than the level of significance of 0.05. This implies that there is a

significant difference on the extent of readiness on early retirement among

respondents of different government institution at the 0.05 level. Further

23
 investigation of the group means using Dunnetts C Post-hoc analysis reveals that

the significant differences exists between respondents from the National

Government Agencies (NGA) and those coming from the Constitutional Commission

and Government Owned and Controlled Corporation (GOCC). Data shows that

respondents from the Constitutional Commission have the highest extent of

readiness (mean=2.239) on early retirement among all groups. However, the

differences of their extent of readiness were found out to be not significant to other

groups except from those coming from the NGA (mean=2.038), the least ready

among the groups. The mean difference of 0.201 is significant at the 0.05 level. The

second most ready group is the GOCC (mean=2.227), whose mean difference of

0.189 with NGA is also significant at the 0.05 level. However, extent of readiness

from those working on Academic Institutions, Financial Institutions, and Local

Government Units, although higher, is not significant with that of the NGA.

Therefore, extent of readiness of the respondents from these institutions is

statistically the same. As to their degree of intention on early retirement, Table 10

summarizes the mean responses of each group and the test of significant differences

among groups using analysis of variance.

Table 10. Test of Significant Difference on the Degree of Intention of the Respondents for Early
Retirement when Grouped according to the type of Government Institution

TYPE OF GOVERNMENT DEGREE OF INTENTIONe Decision

Conclusion
INSTITUTION Mean F-value P-value on Ho
(A) CONSTITUTIONAL 2.183
COMMISSION
(B) ACADEMIC INSTITUTION 2.114
(C) FINANCIAL INSTITUTION 2.026a
(D) GOVT. 2.224b 2.350 0.042 Reject Significant
OWNED/CONTROLLED CORP.
(E) LOCAL GOVERNMENT UNIT 2.233b,c
(F) NATIONAL GOVT. 2.012a,d
AGENCIES
a Mean difference is significant with type (E) at the 0.05 level.
b Mean difference is significant with type (F) at the 0.05 level.
c Mean difference is significant with type (C) at the 0.05 level.
d Mean difference is significant with type (D) at the 0.05 level.
e Post-hoc analysis of significant mean differences using DunnettsC statistic.

24
 The F-test statistic of 2.350 has a P-value of 0.042, less than the level of

significance of 0.05, implies that the degree of intention on early retirement differs

among groups.The significant differences were determined using the Dunnetts C

post hoc analysis. Data revealed that the respondents from the Local Government

Unit (LGU) have the highest degree of intention with a group mean of 2.33. This is

significantly higher compared to those from the National Government Agencies

(NGA) and Government Financial Institutions (GFI) with group means of 2.012 and

2.026, respectively. However, the degree of intention of LGU does not differ

statistically with the Constitutional Commission, Academic Institutions, and

Government Owned/Controlled Corporations (GOCC). The group with the second

highest degree of intention is the GOCC (mean=2.224). This is significantly higher

only to those from the NGA with a mean difference of 0.212 at the 0.05 level. The

degree of intention among other groups has no significant difference at the 0.05

level. These groups have the same degree of intention on early retirement. Being an

employee and a self-employed individual is having an active income while business

and investor generate passive income. Kiyosaki (2009) gives the plan for building

for the future especially retirement. Every persons life is made up of and affected by

the eight (8) integrities of the B-I Triangle namely: mission, team, leader, product,

legal, systems, communications, and cashflows. If one or more of the eight integrities

is missing from a persons life, he lacks financial integrity. Attitude, professional

fulfillment, career shift and advancement and financial independence affects the

retirement plan of the government employees in Butuan City.

The proposed Retirement plan was presented in Table 11 that an employee

starts his/her plan with a dream that one will retire as self-sufficient individual who

will mentor other people when one reaches his/her goal to be financially free of

both time and money.

25
Table 11. MATRIX ON PROPOSED RETIREMENT PLAN

Timeline Indicators
Retirement Plan
Financial Plan
1. Attend pre-retirement counselling Attitude Find a dream
2. Enroll in TESDA courses and other
investment seminars or trainings in Professional Work but get off
order to become aware of the latest Fulfillment to the Fast Track
trend of entrepreneurial skills
3. Attend seminars or trainings to put Career Shift and Own a Personal
up a personal business Advancement Business
Generate Income
4. Investment in real estate assets , Financial Generating
paper assets and stocks/bonds Independence Assets

5. Be a mentor to other prospective Retire on Mentor

retirees Equity

4 Conclusions

The findings paved the way for the drawing out of the following conclusions .

The number of children under the age of 18 and the number of extended families

living with the employees were a significant predictor of the decision to retire. The

findings of the study manifest that the variables such as respondents with higher

age tend to be more ready for early retirement. This is also true for the household

monthly income. Respondents with higher household monthly income are more

ready for early retirement.. A persons readiness for early retirement is dependent

with his/her health status and length of service. Therefore, the extent of readiness

for early retirement is independent from the persons sex, civil status, number of

dependents, highest educational attainment, occupational status, type of

government area/sector employed and position. Respondents with higher age tend

to have a more intention for early retirement. . A persons degree of retirement

intention is dependent with his/her educational status and type of government

institution/sector. The degree of intention for early retirement is independent from

the persons sex, civil status, number of dependents, health status, monthly income,

occupational status, position and length of service. The degree of intention of the

respondents on early retirement increases with their readiness. Awareness to

retirement issues and financial planning are factors that affect the decision of

employees to early retirement. There is a need to conduct a Seminar on Retirement

26
Planning to the different types of government sectors for the employees to have

strategic planning to be self-sufficient. Financial stability, Identity, dependents

capacity, pursing further studies, health status and spouses employment status are

some of the other factors that influence their readiness to early retirement.

Freedom of Time, Secured Livelihood, employed in private sector, retired in

mandatory age of 65 were among the retirement intention to early retirement.

Employees do not have the necessary basic information as to what benefits they can

expect at the time of retirement. Employees do not have the analytical skills

necessary to interpret and analyze information related to their particular

circumstances. Employees may have unrealistic expectation of both their ability to

generate significant income through work after retirement and the over-all amount

of money they will have saved by the time retirement occurs. In the light of the

findings and conclusions in this study, the following recommendations are offered.

For the government employees that they are expected to avail of the programs of

TESDA and encouraged to further enhance their competence and educational

qualifications to be aware of the latest trend of manpower movement and job

opportunities. For the Administrators and Managers of the different government

agencies that they will come up with an applicable pre-retirement programs for

employees to increase their awareness and understanding of retirement issues. The

extent of readiness to early retirement reflects that financial education must

address the awareness of government workers to be self-sufficient. Gleaned from

the findings of the study, the government employees are still unprepared to the

effect of globalization. There must be a pre-retirement and post-retirement

counseling as well as seminars to be conducted in the early stage of young adult so

that whatever age they choose, they can retire. The government institutions need to

come up with retirement interventions for softening the shock from a company-

managed work life to self-managed retirement life by providing agency to help place

27
retirees in part-time jobs, meaningful volunteer roles, or training for small

businesses. The various sectors in the government can provide assistance to the

employees affected by the Rationalization plan.. To enable the retirees to be self-

sufficient in financial planning can do much to reduce the burden of society for

taking care of its aged citizens. Programs that inform prospective retirees of places

where they can continue to serve in voluntary organizations enhance societys

wealth. The researchers awareness of the retirement plan and its retirement cycle.

Such study distinguise the individuals on their own capabilities and potentials and

understanding such differences. This may serve as basis for advance training and

programs. This can help ascertain the readiness and intention of the employees

from the various government programs. A follow-up study on the indicators that

influence the early retirement decision of the government employees to provide

them with ideas and information which are essential for further studies among the

various government as well as the private sectors in terms of retirement plan. The

researcher recommends for future studies the following titles for research:

Retirement Indicator of the Government Sector and Modern Retirement Theory: An

application to Public and Private Sector in Butuan City

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