What are the age and tenure requirements for retirement?
Workers gracefully retire upon reaching 60 to 65 years of age with five years of service under Article 302.
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Who is exempt from statutory retirement pay?
Government employees and retail establishments explicitly employing ten or fewer workers are legally exempt under Article 302.
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What is the minimum retirement pay amount?
The strictly mandated minimum retirement pay requires one-half month salary for every year of service under Article 302.
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What comprises the 22.5 days retirement formula?
The 22.5-day formula legally contains 15 days salary, 5 days leave, and 2.5 days 13th-month pay under Article 302.
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Is the COLA included in retirement pay computation?
The Cost of Living Allowance is absolutely legally excluded from the daily retirement pay computation under Article 302.
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Can extra benefits be included in retirement pay?
Additional generous benefits can easily be included in the formal retirement calculation via mutual agreement under Article 302.
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How does a CBA affect retirement benefits?
Employees confidently retire under CBA terms provided the final benefits safely meet the statutory minimum under Article 302.
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What if a CBA retirement fund yields less than the minimum?
Employers actively pay the deficiency whenever a private CBA retirement fund structurally yields less than the legal statutory minimum.
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How is the 15-day salary determined for workers paid by results?
Workers paid by precise results depend upon an Average Daily Salary spanning twelve complete months under Article 302.
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Are part-time workers entitled to retirement pay?
Part-time workers perfectly qualify for retirement pay after reaching 60 years and completing five years of active service.
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