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"The retirement benefit plan is a life annuity."
Book VI of the Labor Code of the Philippines, under the heading Post Employment covers the employee's retirement and benefits and social insurance. The section covers the support and funds an employee benefits for retirement from the Government under the stipulation of the Philippine law, either through pensions or savings.
The term 'employee' represents an individual who is legally employed under the Philippine law, or any person compulsorily covered by the SSS under Republic Act 1161 or any person compulsorily covered by the GSIS under the Commonwealth Act 186.
The term 'retirement plan' (or superannuation) refers to a pension (benefits in retirement) granted when an employee retires from work upon reaching the retirement age established in the collective bargaining agreement or other applicable employment contract.
Characteristically, the retirement benefit plan is a life annuity, a financial contract wherein the life insurance company GSIS or SSS makes a series of payments to the annuitant in the future in exchange for a series of regular immediate payments, prior to the onset of the annuity.
Under existing laws and any collective bargaining agreement and other agreements, when the annuity is in effect, the employee is entitled to receive the employee retirement benefits, or in the strictest sense, the pension according to the amount as he/she has earned. Provided, however, that the employee's retirement benefits shall not be less than those provided therein under any collective bargaining and other agreements.
In the absence of a retirement plan (or its similar) that provides for the employee's retirement benefits in the establishment, an employee shall be entitled to an employee retirement benefit upon reaching the compulsory retirement age. The age of sixty (60) years or more, but not beyond sixty-five (65) years is the considered compulsory retirement age. If the employee has served the least of five (5) years in the said establishment, he/she may retire and enjoy the retirement benefits equivalent of at least one-half (1/2) month salary for his/her every year of service. A fraction of at least six (6) months is considered as one whole year.
Unless acknowledged by both parties otherwise, 'one-half (1/2) a month salary' shall represent the fifteen (15) working days in addition to the one-twelfth (1/12) for the mandated 13th month pay. This also includes the cash equivalent of not more than five (5) days of paid leaves.
Establishments that are agricultural, retail or service in nature or business operations whose population do not exceed ten (10) employees are exempted from the coverage of this provision.
Under Article 288 of this Code, violation of this provision is declared unlawful.
To read more about retirement benefits, or to check the unabridged version of this document, See: The Labor Code of the Philippines, Book VI, Title II, Retirement from the Service
The term 'employee' represents an individual who is legally employed under the Philippine law, or any person compulsorily covered by the SSS under Republic Act 1161 or any person compulsorily covered by the GSIS under the Commonwealth Act 186.
The term 'retirement plan' (or superannuation) refers to a pension (benefits in retirement) granted when an employee retires from work upon reaching the retirement age established in the collective bargaining agreement or other applicable employment contract.
Characteristically, the retirement benefit plan is a life annuity, a financial contract wherein the life insurance company GSIS or SSS makes a series of payments to the annuitant in the future in exchange for a series of regular immediate payments, prior to the onset of the annuity.
Under existing laws and any collective bargaining agreement and other agreements, when the annuity is in effect, the employee is entitled to receive the employee retirement benefits, or in the strictest sense, the pension according to the amount as he/she has earned. Provided, however, that the employee's retirement benefits shall not be less than those provided therein under any collective bargaining and other agreements.
In the absence of a retirement plan (or its similar) that provides for the employee's retirement benefits in the establishment, an employee shall be entitled to an employee retirement benefit upon reaching the compulsory retirement age. The age of sixty (60) years or more, but not beyond sixty-five (65) years is the considered compulsory retirement age. If the employee has served the least of five (5) years in the said establishment, he/she may retire and enjoy the retirement benefits equivalent of at least one-half (1/2) month salary for his/her every year of service. A fraction of at least six (6) months is considered as one whole year.
Unless acknowledged by both parties otherwise, 'one-half (1/2) a month salary' shall represent the fifteen (15) working days in addition to the one-twelfth (1/12) for the mandated 13th month pay. This also includes the cash equivalent of not more than five (5) days of paid leaves.
Establishments that are agricultural, retail or service in nature or business operations whose population do not exceed ten (10) employees are exempted from the coverage of this provision.
Under Article 288 of this Code, violation of this provision is declared unlawful.
To read more about retirement benefits, or to check the unabridged version of this document, See: The Labor Code of the Philippines, Book VI, Title II, Retirement from the Service
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