Free Legal Advice Philippines

Disclaimer: This web site is designed for general information only and does not create attorney-client relationship. Persons accessing this site are encouraged to seek independent counsel for legal advice regarding their individual legal issues.

Log in

I forgot my password

You are not connected. Please login or register

Retirement fund if Redundated?

Go down  Message [Page 1 of 1]

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


Arresto Menor

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!

View user profile

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


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.

View user profile

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


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

[i] Visit our FB Page: FOR MORE LEGAL ADVICE  
Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
View user profile

Sponsored content

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum