A comparative study of the retirement confidence level between domestic workers and OFW as linked to their job commitment

Abstract

The paper investigated the retirement confidence among Domestic and Overseas Filipino Workers in relation to job commitment. Specifically, the study determined the relationship between clarity of retirement goal and retirement confidence that refers to the quality of life that could still be maintained during retirement. For several studies, savings already provided perceived confidence for retirement to would be retirees but this study would check if the perception still applies. Banks in the Philippines today offer a savings interest rate of less than 1% (excluding withholding tax) with the current inflation rate target of 4.3%. The study output could motivate government agencies to review the policy on mandatory retirement package that direct employers offer their employees for comfortable retirement. Purposive sampling was employed to determine the respondents who were the domestic and overseas Filipino workers in United Arab Emirates and New York. Explanatory-causal design was utilized to explain relationship/influence and effect of the variable/s on the retirement confidence. The results of the regression indicated that the predictor for retirement confidence explained 55.4% of the variance (R2=.55, F (4,13) = 4.03, p < 0.05). It was found that job investment (p < .01) significantly predicted retirement confidence. The result of the correlation of retirement confidence to the job commitment proves significant, (r (18) = 0.50, p < .05).