Our economy is not catching up with the fast phase of price increase of the basic commodities. They continue to raise despite the fact that the salaries remain the same. There are government mandated adjustment for minimum wage earner covered under DOLE Wage Order No. 16 (eCOLA for Minimum Wage Earner). However, there is really no big impact to those who are already above minimum wage earner. There is no ruling to impact a certain increase in the salary of the employees, the salary increase specially in the private sector remains at the discretion of the management.
With this, it is of upmost important to have other means of earning (raket in other words) to make both ends meet. I am into buy and sell and online earnings. It is just sad that at my age instead of looking for the best annuity rates for my retirement, I am still stuck in these race called life. Stuck in the situation where we need to live day by day. But as a Pamilyang OFW, I make sure that a portion of our earnings go to savings, not necessarily for retirement but to start a conventional business enough to start a business in case my OFW husband decides to come home here in the Philippines for good.
How about you how are you able to get by? Are you still able to save? Or are you also living one day at a time
I know countless people in the living day to day boat. It’s a very procarious position to be in and you need to look at ways to get an annuity from your investments, not just in retirement but also in your working life!
Good luck!