Factors influencing the decision not to retire among the retiring personnel of Iloilo Provincial Government

Abstract

This study was conducted primarily to determine the factors influencing the decision not to retire among the retiring personnel of Iloilo Provincial Government and to find out the relationship between the factors occupational, economic and psychological and their decision not to retire. The study utilized the one-shot, researcher-made questionnaire. The total enumeration method was utilized by purposely determining the 75 retiring personnel with age ranging above 60 but below 65 years old as respondents. The level of statistical significance was set at 0.05. Results showed that when the retiring personnel was categorized in terms of gender, civil status, office, length of service and monthly salary majority of the retiring personnel were females, were mostly married, have been serving the office for 36 to 40 years, had a monthly salary ranging 20,000 and below and mostly from the General Services Office (GSO). The occupational factor was found to have a strong extent of influence in the decision of the retiring personnel not to retire before the age of 65, while economic and psychological factors were found to have a moderate extent of influence. The result showed that a little less than half (41.3%) of the retiring personnel were firm in their decision not to retire before the age of 65 even though their concerns were already satisfied. Most of the reasons indicated were related to the psychological factor. A significant result with a low correlation was noted between the psychological factor and decision not to retire among the retiring personnel. This finding was supported by the results of Cramer’s V. The result was interpreted using the Garrett’s Interpretation of Coefficient of Correlation. The other factors that were not tested in this study such as: health status, physical condition, higher retirement benefits, salary increase and not enough number of years in service were also identified by the retiring personnel to influence their decision not to retire before the age of 65. Thus, it was recommended that thorough study should be done about the implementation of the law lowering the optional retirement. Retiring personnel are encourage to attend programs, trainings and seminars to ready them in the soon transition. The organization should revisit existing programs conducted focusing on psychological factors and well-being of the retirees. Also, it would be best to develop post-retirement plans and create programs that will appreciate the retiring personnel in later years for being part of the organization for a long time. Lastly, further study should be conducted based on the other variables which were not tested in this study to widen the factors that might influence the retirement decision of employees.