SSS President and Chief Executive Officer Emmanuel Dooc said the agency changed the compulsory retirement age from 60 to 55 years old in accordance with Republic Act 10789 or the Racehorse Jockeys Retirement Act.
“In consideration of the dangers of being a jockey, they were given a chance under the new regulation to take advantage of their retirement benefits at an earlier age compared to other SSS members,” Dooc said.
According to Department of Labor and Employment’s (DOLE) Order No. 169, the lowered retirement age is only for jockeys, who are working and certified by employers licensed by the Philippine Racing Commission.
The order also stated that only jockeys who have worked not less than five consecutive years, whether consecutively or non-consecutively before the semester of their retirement, or will retire not earlier than May 24, 2016 - the effective date of the Racehorse Jockeys Retirement Act - will be eligible for early retirement.
The order also stressed that the compulsory retirement age of 55 is suitable only when the employer does not have an approved retirement plan.
Apart from requirements set by DOLE, the jockey must have paid a total of 120 contributions in order to receive monthly pension from SSS.
Those who have paid less than 120 contributions will receive a lump sum benefit, but they have the option not to submit a retirement claim and complete first the rest of their unpaid contributions to receive a monthly pension.
“If the jockey is 55 years old and is retiring not earlier than May 24, 2016 but he wasn’t able to complete the 120 monthly contributions needed, he can continue paying contributions to SSS. His retirement date in SSS will be the month of his 120th contribution,” Dooc said.