House Committee OKs House Bill Seeking to Exempt Employed Senior Citizens From Paying Income Tax
The House Committee has finally approved the bill seeking to exempt the senior citizens from paying income taxes.
Senior citizens or individuals aging 60 years old and above usually files retirement to enjoy the remaining years of their lives with their families. Some of them have already saved a huge amount of cash for retirement.
However, many of our countrymen failed to save money for their retirement and just rely with their monthly pension. Unfortunately, there are still some who failed to save money and were not able to contribute to Social Security System to receive pension and other benefits.
On Tuesday (September 21, 2021), the House panel approved the House Bill 8832 or the “Income Tax Exemption for Senior Citizens Act” during the panel meeting. The bill seeks exemption of senior citizens from paying taxes.
The bill states that individuals aged 60-years-old and above must be exempted from paying income tax although they are still employed. It also states that senior citizen’s holiday pay, overtime pay, night shift differential, and hazard pay are exempted.
The author of the bill Senior Citizens party-list Representative Rodolfo Ordanes made the proposal to help the elderlies to save money and prepare for their retirement.
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Ordanes said that many Filipino senior citizens have limited savings after filing their retirement. According to the Bangko Sentral ng Pilipinas, retirees have only 3.6 months’ worth of income for retirement.
The online community expressed their reactions to the proposal:
What can you say about this proposed measure? Just feel free to leave your comments and reactions to this article.
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