Closure of operation due to business losses

Good morning,

I am now 60 years old and have been connected with a management consulting company since April 21, 1997. The management has advised that it will close operation due to business losses. Although I understand that the cessation of business is strictly management prerogative, there is nothing we can do about this. However, I have made a research and found out that if the closure is due to business losses, no separation pay is required from the company. Since I am already 60 years old I am sure I will have a hard time finding a job. Instead of claiming separation pay can I claim retirement pay (the company has no retirement plan for employees)instead? May I know if there are other possibility of financial claims.

Would appreciate your advise on this.

Thank you very much.

Honora Dulce S. Cortes

while it is true that a business can forego payment of separation pay, they have the burden, if challenged, to prove that they are unable to pay separation pay.

i recommend you determine first if they will actually not pay separation pay. you can claim retirement benefits from pagibig and sss also.