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BO
CHINS
TEM PLATE
RETIREMENT PAY LAW
Bochins.paw
(RA 7641)
Prepared
Allaine S. Cajandab
Startby:toBea
Presentation
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RETIREMENT PAY
employee shall retire upon reaching
the age of 60 or more but not
beyond 65 years old who have
served for at least 5 years in the
company.
PERSON COVERED BY
RETIREMENT BENEFITS
1. All employees in the private sector regardless of
their position.
2. Part-time employee
3. Those person in the service establishment and
other contractors.
4. Those domestic helper or person in the personal
service of another.
5. Those employees who works in the mining.
TWO TYPES OF RETIREMENT
Optional
Compulsory
PERSONS NOT COVERED
BY RETIREMENT BENEFITS
1. Government employees
2. Those employees of retail, service and
agricultural establishments or
operations employing not more than 10
employees.
BASIS OF RETIREMENT PAY
The minimum of retirement pay shall
be equivalent to one-half month salary
for every year of service. A fraction at
least 6 months is being consider as
whole year. The one-half month salary
is equivalent to 22.5 days.
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BO
CHINS
TEM PLATE
Bochins.paw
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