I'm employed to a local company for five (5) years and ten (10) month now.
It was now then purchased by a multinatinal company. I'm already 52 and will be retiring in the next eight years. The outgoing local company did not provide us any retirement fee, hence we will just rely on the retirement pay.
My question is, if I did retire in the next 8 years, will my tenure of service with the incoming company will be traced back 5 years ago or they will only based it after the procurement? The company name will not changed as it will become a subsidiary of the Japanese company.
I think my case is the same as my neighbor who is a PALEAN who claimed they were illegally dismissied by Lucio Tan. After SMC bought PAL, they received a security of tenure pay equivalent to one month for evey years of service (including the time that they were on strike which is for two yeras).
Will it be applicable to my case? Whose going to pay the first 5 years and 10 months of my service. The multinational company will start by April and the outgoing owner will migrate outside the country so I would like to confirm this as the current management does not mentioned anything about security of tenure and I'm having a bad feeling.