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Free Legal Advice Philippines » FREE LEGAL ADVICE » LABOR AND EMPLOYMENT » RETIREMENT PAY

RETIREMENT PAY

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1RETIREMENT PAY Empty RETIREMENT PAY Tue Jul 07, 2015 1:59 pm

rda


Reclusion Temporal

An educator worked in a private school which was previously they are calling a MISSION School.

The teacher worked there for more than 20 years now.

Question is.

1. Is she entitled for a retirement pay?
2. If Yes, is there a specific amount or proper computation for retirement pay?
3. If YES, then how was it computed?

2RETIREMENT PAY Empty Re: RETIREMENT PAY Tue Jul 07, 2015 2:21 pm

council

council
Reclusion Perpetua

1. If she meets the minimum age requirement for it, then yes.

2. if there is no retirement plan within the company, the retirement pay as based on the revised labor code shall be equivalent to at least one-half (1/2) month salary for every year of service

http://www.councilviews.com

3RETIREMENT PAY Empty Re: RETIREMENT PAY Tue Jul 07, 2015 2:33 pm

rda


Reclusion Temporal

I see...so if she was earning for example 20,000/month and worked there for 30 years then computation might be 20,000/2 * 30 = to more or less 300,000?

Does it apply to all type job including their field?

4RETIREMENT PAY Empty Re: RETIREMENT PAY Tue Jul 07, 2015 3:24 pm

council

council
Reclusion Perpetua

No discrimination regarding type of job - this retirement law is for all employees.

http://www.councilviews.com

5RETIREMENT PAY Empty Re: RETIREMENT PAY Wed Jul 08, 2015 6:45 am

rda


Reclusion Temporal

another question...

But what if the starting salary of the teacher was 5,000 and of course it increases every year like.. 500.00 (wow) and now let's say for example she has 20,000 basic now. What will be the basis for computation? Will it be the most recent basic pay or depends on the pay every year as it varies?

6RETIREMENT PAY Empty Re: RETIREMENT PAY Wed Jul 08, 2015 7:15 am

council

council
Reclusion Perpetua

Most recent salary before retirement.

http://www.councilviews.com

7RETIREMENT PAY Empty Re: RETIREMENT PAY Wed Jul 08, 2015 7:22 am

rda


Reclusion Temporal

Nice!!

Thanks Council! Smile

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