18/04/2024
What retirement benefit is offered under RA 7641?
▪ R.A. 7641: The New Law on Retirement
Employees with at least five years of service who retire between the ages of sixty (60) and sixty-five (65) are entitled to minimum retirement compensation under the legislation. The law further stipulates that qualifying retiring employees will receive minimum retirement compensation in the event that there is no retirement plan.
On the other hand, if also a SSS Member, the retiree is entitled for a lifetime monthly pension that will be awarded to members who have made at least 120 contributions per month; members who have made fewer than 120 contributions per month will receive a lump sum payment.