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RETIREMENT PAY

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

rda


Prision Mayor
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?

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

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

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

rda


Prision Mayor
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?

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

council


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

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

rda


Prision Mayor
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?

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

council


Reclusion Perpetua
Most recent salary before retirement.

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

rda


Prision Mayor
Nice!!

Thanks Council! Smile

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8 Re: RETIREMENT PAY Today at 6:15 pm

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