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Is a mandatory 60-day notice for resignation legal in the Philippines?

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Arresto Menor
In the contract that I signed (without thinking of clarifying things first) the company is requiring a 60-day notice. Their reason is so they can find a suitable replacement. I was just wondering, of all the companies I've worked for, it's actually unheard of. I don't think they need that much time just to replace a single employee. Is it legal? If it isn't, what is the law that applies to it? Thanks!

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Reclusion Temporal
The law says an employee may terminate without just cause his employment by serving a written notice on the employer at least one month in advance. (see Article 285, Labor Code)

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