November 20th, 2024
House Ways and Means Chair Joey Sarte Salceda (Albay, 2nd district) thanked the House of Representatives for approving House Bill No. 10985, which promotes job opportunities for senior citizens by expanding the benefit companies get from hiring seniors from an additional 10% deduction on their taxable income to 25%. The bill also aims to waive government fees on clearances and documents for senior jobseekers.
Salceda championed the increase in the tax benefit for companies hiring senior citizens as chairman of the House’s tax committee.
“Senior Citizens who wish to continue working benefit immensely from gainful employment. And the companies that hire them benefit from their experience, wisdom, and accumulated years of expertise. They also have excellent work ethic,” Salceda said.
“I championed this proposal because it is also performance based. The revenue losses only come if the companies actually hire seniors.”
The bill is part of a host of proposals that came out of marathon hearings Salceda held with the Committees on Senior Citizens and Persons with Disabilities earlier this year.
Salceda adds that many senior citizens wish to continue working because of inadequate pension benefits.
“The unfortunate fact is that our Social Security System is inadequate for funding the needs of old age. That is why many seniors also wish to continue working,” Salceda said.
“We need to solve that, for sure, but the structural reforms in the country’s pension system won’t benefit this generation of pensioners. So, for those who wish to augment their retirement income with work, the opportunities should be available.” Salceda added.
“This bill is part of a package of reforms we introduced to open opportunities for seniors. Earlier this year, we got DOLE to allow seniors to benefit from its TUPAD program. We are also pushing for more job retraining programs for seniors who wish to continue working.”