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I need clarification on Retirement Benefits

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1 I need clarification on Retirement Benefits on Tue Feb 28, 2012 9:58 am

Ruth_Y


Arresto Menor
An employee recently retired. He served the college where he worked for 10 years. He was receiving a 30,000 basic monthly salary; 5,000 living allowance; 5,000 executive allowances; 15,000 responsibility honorarium and 6,000 reimbursable allowances, a total of 61,000 gross monthly.

What should be the basis for his retirement pay? He is demanding that the basis should be on the 61,000 gross monthly that he was receiving.

As provided in RA 7641 Sec. 5.2 par. a) fifteen days salary ...."salary" includes all remunerations paid by an employer to his employees for services rendered during normal working days and hours.

I would like your clarification on this. Thank you very much.

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attyLLL


moderator
is this a private school and how old was he?


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Ruth_Y


Arresto Menor
Sorry for my delayed reply.

The school is a private school, and the retiree was 60 years old when he retired.

Thank you for your time, and patience.

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wamsb


Arresto Menor
We are a private company and will enter a contract with security agency. I noticed on their proposal - Cost Distribution Per Month, breaking down the total amount to be paid, there's a Retirement Benefit that we need to pay on monthly basis, is this legal?. Should our company be the one shouldering this? We the regular employees are not sure if our company is allocating funds for our retirement benefit. Please help

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attyLLL


moderator
imo, it is not unlawful to ask you to pay that, but you are not legally obligated to do so.


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saluddarren


Arresto Menor
Hi,


I would like to ask when is a company required to establish a retirement fund? Our company is just a year old and we have employees who are already in their 40's mostly managers. I've heard from some acquaintances that when a company is already 5 yrs in existence, they are then required to maintain or establish retirement funds or programs, is this true?

>> can a company like, 10 yrs before the retirement of a certain employee the company will buy some investment units in a mutual fund company (e.g. insular life or PRU life) as the retirement benefit of the employee?

Hope you can give some light and TIA, Smile

Regards,
darren

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attyLLL


moderator
an employer is not required to do so, and in fact, can rely on the pag-ibig fund as a substitute


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