CoDev Philippines
Employee Retirement Plan
A private retirement plan designed to reward loyalty, build long-term financial security, and make CoDev the employer of choice in the Philippine tech industry.
Who This Plan Covers
A private retirement plan separate from — and supplementary to — the SSS pension. All eligible employees are automatically enrolled.
Regular Employees
Automatically enrolled. The plan begins building their retirement fund from day one of eligibility.
Probationary Employees
Covered from the start of probation. No waiting for confirmation to benefit from the plan.
Foreign Nationals
Eligible if employed under a local CoDev Philippines contract, subject to applicable Philippine laws.
Re-hires
Re-entry date is used as the reference point for benefit computation and contribution reckoning.
Not Covered
Fixed-term, project-based, casual, and temporary employees are excluded from the plan.
International Transfers
Employees reassigned abroad who retain a local PH contract may stay enrolled. Those who cease PH employment receive 100% of all contributions.
Contribution Structure
Four types of contributions work together to grow each employee's retirement account every pay period.
Core Employer Contribution
CoDev contributes 6% of monthly basic salary for employees with at least 2 years of service — at zero cost to the employee.
Employee Voluntary Contribution
Employees choose to contribute 5%, 7.5%, or 10% of monthly basic salary via annual online enrollment.
Employer Matching
CoDev matches a portion of every voluntary contribution — the more an employee saves, the more CoDev adds on top.
Past Service Contribution
A catch-up contribution for all missed Core Contributions before the plan's effective date, amortized over 5 years.
| Employee Voluntary | Employer Match | Core Contribution | Total Monthly Rate |
|---|---|---|---|
| 5% of basic salary | + 2% | + 6% | = 13% |
| 7.5% of basic salary | + 3% | + 6% | = 16.5% |
| 10% of basic salary | + 4% | + 6% | = 20% |
Example — PHP 30,000/month salary at 10% voluntary: Employee PHP 3,000 + Employer match PHP 1,200 + Core PHP 1,800 = PHP 6,000 added to retirement fund monthly.
Who Benefits — and How
Compounding value for employees and strategic advantages for CoDev Philippines as an organization.
Free Money from CoDev
The 6% core contribution is added to your fund just for being employed — you don't contribute a single peso for it.
Your Savings Amplified
Contribute 10% and CoDev adds 4% on top. Combined with the core, up to 20% of your salary builds retirement wealth monthly.
Always 100% Yours
Your voluntary contributions are yours from the moment they're deducted — with all earnings and losses, no conditions attached.
Emergency Loan Access
Borrow up to 100% of your voluntary fund at a below-market fixed interest rate with flexible 6–24 month terms.
Professional Fund Management
A top-tier fund manager (e.g., BPI Asset Management) grows your balance — no expertise or personal fees required.
Full Beneficiary Freedom
Nominate up to 5 beneficiaries of your choice, including common-gender partners. No relationship declaration needed.
Annual Rate Update Window
Every March, adjust your voluntary contribution rate — increase, decrease, or stop. Outside this window, your rate stays fixed unless you initiate a full withdrawal.
10-Day Withdrawal Revert
If you initiate a withdrawal of your voluntary balance, you have 10 days to cancel it before it's processed — a safety net against impulsive decisions.
Online Account Portal
View balance, contributions, and investment performance anytime — portal to be built and launched as part of this plan's rollout.
Top-Tier Employer Status
Fewer than 50% of PH shared services companies offer this. Launching immediately places CoDev in the top tier — a real edge in every job offer.
Dramatically Better Retention
Vesting milestones at 5, 7, and 10 years create compounding financial reasons to stay — reducing turnover and protecting institutional knowledge.
Stronger Employer Brand
A retirement plan is a powerful signal on LinkedIn, Jobstreet, and Glassdoor — showing CoDev's long-term investment in its people.
Philippine Labor Law Compliance
Under Republic Act No. 7641 (Retirement Pay Law), all private sector employers must provide at least ½ month salary per year of service for qualifying employees. CoDev's plan exceeds this — fully satisfying and surpassing the statutory requirement.
RA 7641 amends Article 302 (formerly Art. 287) of the Labor Code of the Philippines. It mandates retirement pay of at least ½ month salary × years of service for employees aged 60+ with 5+ years of service, where no private plan exists. CoDev's plan exceeds this minimum.
Sources: Supreme Court E-Library — RA 7641 · LawPhil — Full Text
Predictable Budget Line
Fixed, formulaic contribution rates make this a transparent, budgetable workforce investment — not a reactive retention bonus.
More Productive Teams
Financially secure employees are measurably more engaged. Reducing financial anxiety through structured savings directly improves performance.
Stronger Talent Pipeline
Senior candidates weigh total compensation. A retirement plan closes offers faster and attracts higher-caliber talent than base salary alone.
Supports Global Mobility
100% portability for internationally reassigned staff supports CoDev's ability to deploy talent globally without penalising people.
The Longer You Stay, the More You Earn
Voluntary contributions are always 100% owned by the employee. Employer contributions vest progressively over 10 years.
Employee voluntary contributions vest at 100% immediately, regardless of tenure or separation type.
Member Loan Program
Employees enrolled in voluntary contributions can borrow against their own fund — without disrupting retirement goals.
| Who can apply | Regular employees with active voluntary contributions |
| Max amount | 100% of voluntary contributions + earnings |
| Monthly cap | Amortization ≤ 30% of basic salary |
| Loan terms | 6, 12, 18, or 24 months |
| Interest rate | Fixed annual rate, below market — reviewed yearly by Trustee Bank |
| Who earns it | Interest stays within the fund — earned back by members, not a third party |
| Repayment | Equal bi-monthly salary deductions |
| Disbursement | Payroll account within 15 business days |
| Renewal | Once balance falls below 50% of original loan |
Of your voluntary savings — available when you need it
While a loan is active, voluntary contributions continue and employer matching is fully retained. Your fund keeps growing while you repay.
- No penalty on employer matching
- Below-market interest rate
- Interest stays inside the member fund
- 4 flexible repayment terms
- Active loan locks rate above 0%
How It Works Day-to-Day
Simple, structured processes for HR and employees — no portal yet, to be built as part of the rollout.
Getting This Plan Live
A seven-step path from proposal approval to first contribution — including the employee portal build.
Secure Leadership Approval
Present to CoDev Philippines leadership and board — approve plan structure, contribution rates, and annual budget allocation.
Form a Retirement Plan Committee
HR, Finance, and senior management representatives to govern the plan, set policy, and liaise with the fund manager.
Appoint a Fund Manager / Trustee Bank
Engage a reputable trustee (e.g., BPI Asset Management, BDO Trust, or Metrobank Trust) via a formal RFP process.
Legal & Regulatory Compliance
Draft the Plan Document with legal counsel — confirm compliance with RA 7641, the Labor Code, BIR regulations, and SEC requirements for private retirement plans.
Build the Employee Portal
No portal exists yet — this is a critical build item. Must support enrollment, beneficiary management, account balance viewing, loan applications, and withdrawal requests.
Portal Features Required
Employee Communication Launch
Town halls, email announcements, and an FAQ document to introduce the plan company-wide and drive voluntary enrollment from day one.
Plan Go-Live
Set the effective date, commence first Core Employer Contributions, and open the first voluntary enrollment window for all Philippine employees.