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Early Retirement Plan Preparedness Among Employees in Government Agencies in Butuan City Age 45

Early Retirement Plan Preparedness Among Employees in Government Agencies in Butuan City Age 45. Pilar M. Bulawin DPA Student. Rationale of the Study.

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Early Retirement Plan Preparedness Among Employees in Government Agencies in Butuan City Age 45

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  1. Early Retirement Plan Preparedness Among Employees in Government Agencies in Butuan City Age 45 Pilar M. Bulawin DPA Student

  2. Rationale of the Study The main purpose of the study is to determine the factors of career development and professional fulfillment relative to the readiness for Early Retirement of the public sector in various government agencies in Butuan City at age 45.

  3. Rationale of the Study Globalization, computerization, e commerce and other new technologies invented make the Information Age today´s wave of development. In effect, downsizing of employees took place.

  4. Rationale of the Study In the Philippines, RA 6683, is an act providing benefits for early retirement and voluntary separation from the government service, as well as involuntary separation of civil service officers and employees pursuant to various executive orders authorizing government reorganization after the ratification of the 1987Constitution appropriating funds therefor, and for other purposes.

  5. Rationale of the Study In the United States of America, the author, Jane White explains why 80 % of Americans cannot afford to retire at all. One reason is the CEO pay is now 208 times of the average worker.

  6. Rationale of the Study The researcher competence and experiences in Public Sector is of great help in the conduct of the study. The researcher already conducted a thesis entitled Work Performance Among Pag-IBIG Division Chiefs in Region 10 and Caraga : An appraisal at FSSU, Butuan City.

  7. Rationale of the Study The finding of the study will be the basis for the various Public Sector to implement programs to augment the lives of the Filipino workers in its readiness to Early retirement plan.

  8. THEORETICAL BACKGROUND The study rests on the theory that early retirement plan preparedness is influenced by certain factors such as age, gender , civil status and length of service.

  9. THEORETICAL BACKGROUND The independent variables are Professional Fulfillment and Career Development. Professional Fulfillment can be classified according to the short term or long term goals in terms of education, income equity, mentor equity.

  10. THEORETICAL BACKGROUND Kiyosaki (2009) in his Book entitled Rich Dad´s Conspiracy of the Rich emphasizes the three different type of education- Academic education, professional education and financial education. He stresses out that in Information Age, financial security is more important than job security.

  11. THEORETICAL BACKGROUND Financial education is essential to financial intelligence. Financial intelligence is not so much how much money a person make but how much money keep, how hard that money works for a person and how many generations that money pass on to. In the Information Age, financial education is essential to financial security (Kiyosaki, 2009).

  12. THEORETICAL BACKGROUND Without financial education, a person is less able to process financial information into personal meaning. For example, a piece of real estate has a capitalization rate of 7 percent, what does that mean to a person.

  13. THEORETICAL BACKGROUND Donald E. Super´s theories of career development and exploration as represented in his rainbow model of simultaneous life roles. According to Super (1990), an individual goes through a series of career stages. Each stage allows for specific lines of development. The major stages are growth, exploration, establishment, maintenance and disengagement.

  14. THEORETICAL BACKGROUND Donald E. Super´s theories of career development and exploration as represented in his rainbow model of simultaneous life roles. According to Super (1990), an individual goes through a series of career stages. Each stage allows for specific lines of development. The major stages are growth, exploration, establishment, maintenance and disengagement.

  15. THEORETICAL BACKGROUND Financial education is essential to financial intelligence. Financial intelligence is not so much how much money a person make but how much money keep, how hard that money works for a person and how many generations that money pass on to. In the Information Age, financial education is essential to financial security (Kiyosaki, 2009).

  16. THEORETICAL BACKGROUND Super final version of his approach to career development is represented by his life span, life space theory. According to Super (1996), this theory brings together life-stage psychology and social role theory. It shows how the work role is situated among other life roles and how the resulting life structure fulfills personal values.

  17. THEORETICAL BACKGROUND Work satisfactions and life satisfactions depend on the extent to which an individual finds adequate outlets for abilities, needs, values, interests, personality traits and self concepts. Satisfactions depend on the establishment in a type of work, a work situation, and a way of life in which one can play the kind of role that growth and exploratory experiences have led on consider congenial and appropriate.

  18. THEORETICAL BACKGROUND Quain (2005) in his book Overcoming Time Poverty stressed out about the Lifetimers and Time Equity. The hourglass is how most people measure time. Going to work and trading time: an hour´s work for an hour´s pay. But Lifetimer is different. Unlike an hourglass, when the sands of time run through the Lifetimer, that sand is gone forever. Time-Rich people use the Life-

  19. THEORETICAL BACKGROUND Timer as it runs out of the glass. Thus, Time-rich person use time minute-by-minute. If a person spend time working for money, he can not use time for anything else. The secret of overcoming Time Poverty is that a person will put the money to work for him. Time equity is the total of all the time a person own. Save more time for one´s life and spend less time on the job.

  20. THEORETICAL BACKGROUND Before a person can set off a plan to change the value of time, one need to have a goal, a target and a dream (Quain, 2005). The primary goal is to attain a valuable lifestyle.First, there should be enough money coming in to support a great lifestyle. Second, one should have the time to enjoy that lifestyle. And finally, a truly valuable life is one that is spent giving value to others.

  21. THEORETICAL BACKGROUND Quain (2005) describes the stages of dreams and achievements – survival, material, income, lifestyle, expressive and spiritual dreams.

  22. THEORETICAL BACKGROUND It is for this reason that the research undertook the study to determine the factors that determine the readiness of the public sector employee to early retirement plan at age 45. The research paradigm is as follows:

  23. TABLE 1. RESEARCH PARADIGM Independent Variable Dependent Variable Early Retirement Preparednes Professional Fulfillment - Goal Clarity (Dreams) Career Development - Attitude Financial Literacy - education - Financial Risk - Time Perspective Financial Health Lifestyle Psychological Social Emotional Age Gender Marital Status Health Status Socio Economic Status Length of Service

  24. STATEMENT OF THE PROBLEM The primary purpose of the study is to ascertain the Early Retirement Plan Preparedness among the government employees in Butuan City. Specifically, this study will answer the following question:

  25. STATEMENT OF THE PROBLEM 1. What is the profile of the employees of various employees in Butuan City in terms of : 1.1 Age 1.2 Gender 1.3 Marital Status 1.4 Health Status 1.5 Socio Economic Status 1.6 Length of Service

  26. STATEMENT OF THE PROBLEM 2. As rated by the employees themselves, to what extent is the influence of the following indicators on the early retire-ment plan preparedness of the employees of the various government employees in Butuan City: 2.1 Professional Fulfillment 2.2 Career Development 2.3 Financial Literacy

  27. STATEMENT OF THE PROBLEM 3. Is there a significant difference in the ratings of the respondents when grouped according to: 3.1 Age 3.2 Gender 3.3 Marital Status 3.4 Health Status 3.5 Socio Economic Status 3.6 Length of Service

  28. STATEMENT OF THE PROBLEM 4. What is the degree of preparedness for early retirement plan among the government employees age 45 and above as rated by themselves with respect to the following: 4.1 Financial 4.2 Health 4.3 Lifestyle 4.4 Psychological 4.5 Emotional 4.6 Social

  29. STATEMENT OF THE PROBLEM 5. Is there a significant relationship between the extent of professional fulfillment, career development and financial literacy to the early retirement plan preparedness of employees? 6. Based on the findings of the study, what theory may be formulated?

  30. HYPOTHESES Hypotheses: 1. There is no significant difference in the ratings of when grouped according to : 1.1 Age 1.2 Gender 1.3 Marital Status 1.4 Socio Economic Status 1.5 Length of Service

  31. HYPOTHESES Hypotheses: 2. There is no significant relationship between the extent of Professional Fulfillment, Career Development and Financial Literacy.

  32. RESEARCH DESIGN The study use the descriptive method of research because it seek description of the respondents personal profile and its readiness to early retirement. The profile include in the instrument are variables such as age, gender, marital status, health status, socio economic status and length of service.

  33. RESEARCH ENVIRONMENT The milieu of this study covered the offices in Butuan City. The variables use are age , gender, marital status, socio economic status, and length of service. The readiness of the government workers in Butuan City for Early Retirement Plan are classified in terms of financial, health, lifestyle, psychological, emotional and social planning. The size of samples are primarily base on the readiness of the government workers which are evaluated by the respondents in various government agencies as presented in Table 2.

  34. POPULATION AND SAMPLE

  35. RESEARCH SUBJECTS/RESPONDENTS The researcher used the purposive sampling in determining the sample. The population of the study is consisted of 120 employees. The sample is composed of 93 which selection was based on employees who have been employed one year or more, as reflected in the table.

  36. RESEARCH INSTRUMENT There are four sets of questionnaires which will be distributed for the employees in Butuan City. Each of the instruments have two parts. Part I consists of respondent´s personal profile. This includes the respondent´s name, age, sex, marital status, health status, social economic status and length of service. Part II consists of the perception of the respondents in terms of professional fulfillment, career development and financial literacy.

  37. RESEARCH SUBJECTS/RESPONDENTS CONSTRUCTION OF INSTRUMENTS For content validation, the researcher will submit the questionnaire to the panel of experts for review. The instruments undergo revisions and there are 10 employees which will be involve in the dry-run before the questionnaires will be finally printed. Said employees will be excluded as respondents in this study .

  38. RESEARCH SUBJECTS/RESPONDENTS RESEARCH PROCEDURE (DATA GATHERING) The researcher will ask permission from the Manager of various selected agencies to distribute the questionnaires (Appendix A). Copies of the permit will be attached to the questionnaires. The respondents, however, will be given an orientation before giving the questionnaire. The retrieval of it will b e thru an assigned person-in-charge of that office. As the questionnaire will be retrieve, the research

  39. RESEARCH SUBJECTS/RESPONDENTS RESEARCH PROCEDURE (DATA GATHERING) will start to tally the responses, giving importance to the variables in the study.

  40. RESEARCH SUBJECTS/RESPONDENTS RESEARCH PROCEDURE (TREATMENT OF DATA) Statistical Techniques The researcher employed the following statistics in answering the problems posed in the study. 1. Frequency and Percentage. These is to be used to describe the respondents´profile such as age, sex, marital status, socio economic status and length of service, that answer no. 1. 2. Mean and Weighted Mean. These is to be used as measures of central tendency to determine

  41. RESEARCH SUBJECTS/RESPONDENTS RESEARCH PROCEDURE (TREATMENT OF DATA) the respondent´s perception to the independent variables, to answer problem 2.is 3. Analysis of Variance. To test the difference between variables in problems 3,4 and 5. 4. Scheffe´. A posteriori method will be used to determine which of the three or more variables where the significant difference exist, and through which the highest or the lowest level of early retirement preparedness is to be identified.

  42. THANK YOU

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