my friend is planning to retired this year after working 12 years, however, the company where he is presently employed has no retirement policy. What he will do in order to avail at least early retirement (or known as optional retirement)??? thanks po...
As per RA 7641, Article 287 of the Labor Code has been amended, to provide for, among other things:
"In the absence of a retirement plan or agreement providing for retirement benefits of employees in the establishment, an employee upon reaching the age of sixty (60) years or more, but not beyond sixty-five (65) years which is hereby declared the compulsory retirement age, who has served at least five (5) years in the said establishment, may retire and shall be entitled to retirement pay equivalent to at least one-half (1/2) month salary for every year of service, a fraction of at least six (6) months being considered as one whole year.
Read more: Labor Code of the Philippines (Art. 287: Retirement) - Musings on Business, Culture, Government, Law, Technology, Travel, the Philippines and others - The Council http://www.council.p...9#ixzz0mSJpMeUA
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