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Retirement fund if Redundated?

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1 Retirement fund if Redundated? on Mon Apr 02, 2018 5:52 pm

marcus-1-0-1-0


Arresto Menor
Hello,

I have been served with a redundancy that will be effective in May 2018 (I'm still in the office now until May). The company will offer a separation pay as part of this.

Part of the company benefit is the retirement fund or the SPF (Staff provident fund) where if you are atleast 3 years in the company, you are entitled to received 50% of the fund during resignation. I have been redundated at 2.7 years (effective May 2018), technically I wont be eligible to get the retirement due to lack of years.

However, I would like to know since the termination is based from the company's discretion (redundancy), am I not entitled to get my retirement fund and round-up the years to 3?

In the computation of the separation pay, the rule is to round-up the years to 3. Our HR says no, it will not be rounded up for the case of the retirement. PLEASE HELP IF THIS IS TRUE!

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2 Re: Retirement fund if Redundated? on Mon Apr 02, 2018 8:33 pm

mikos23

avatar
Reclusion Perpetua
Yes its true. The retirement fund is a company initiated benefit thus it would follow what is in the policy, government has no say in that. the best that you can do is ask them nicely and they might give it to you.

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3 Re: Retirement fund if Redundated? on Mon Apr 02, 2018 9:20 pm

attyLLL


moderator
Try to find the text of the policy, but the rounding up is under legally mandated separation pay and would not include a private retirement fund


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