AN ACT AMENDING ARTICLE 287 OF PRESIDENTIAL DECREE NO. 442
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AN ACT AMENDING ARTICLE 287 OF PRESIDENTIAL DECREE NO. 442
Republic Act No. 7641
December 9, 1992
Case Overview and Summary
Summary of Republic Act No. 7641Retirement Benefits for Private Sector Employees
- Employees may retire upon reaching the retirement age set in the collective bargaining agreement or employment contract. (Section 1)
- Employees are entitled to retirement benefits earned under existing laws, collective bargaining agreements, and other agreements. (Section 1)
- In the absence of a retirement plan or agreement:
- Employees aged 60 to 65 years who have served at least 5 years are entitled to retirement pay. (Section 1)
- Retirement pay is equivalent to at least 1/2 month salary for every year of service. (Section 1)
- 1/2 month salary is defined as 15 days plus 1/12 of the 13th month pay and cash equivalent of up to 5 days of service incentive leaves. (Section 1)
- Retail, service, and agricultural establishments with 10 or fewer employees are exempted. (Section 1)
- Violation of the law is unlawful and subject to penal provisions under Article 288 of the Labor Code. (Section 1)
- Employees shall not be deprived of benefits under existing laws or company policies. (Section 2)
- The law takes effect 15 days after publication in the Official Gazette or two national newspapers. (Section 3)
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AN ACT AMENDING ARTICLE 287 OF PRESIDENTIAL DECREE NO. 442
Republic Act No. 7641
•December 9, 1992
Republic of the Philippines
Congress of the Philippines
Metro Manila
Ninth Congress
Republic Act No. 7641             December 9, 1992
AN ACT AMENDING ARTICLE 287 OF PRESIDENTIAL DECREE NO. 442, AS AMENDED, OTHERWISE KNOWN AS THE LABOR CODE OF THE PHILIPPINES, BY PROVIDING FOR RETIREMENT PAY TO QUALIFIED PRIVATE SECTOR EMPLOYEES IN THE ABSENCE OF ANY RETIREMENT PLAN IN THE ESTABLISHMENT
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled::
Section 1. Article 287 of Presidential Decree No. 442, as amended, otherwise known as the Labor Code of the Philippines, is hereby amended to read as follows:
"Art. 287. Retirement. – Any employee may be retired upon reaching the retirement age established in the collective bargaining agreement or other applicable employment contract.
"In case of retirement, the employee shall be entitled to receive such retirement benefits as he may have earned under existing laws and any collective bargaining agreement and other agreements: Provided, however, That an employee's retirement benefits under any collective bargaining...
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Amends
n/a
Amended by
n/a
Tags
Statutes
Republic Acts
retirement pay
private sector employees
retirement age
compulsory retirement age
service years
retirement benefits
collective bargaining agreement
employment contract
exemptions
penalties
Republic of the Philippines
Congress of the Philippines
Metro Manila
Ninth Congress
Republic Act No. 7641             December 9, 1992
AN ACT AMENDING ARTICLE 287 OF PRESIDENTIAL DECREE NO. 442, AS AMENDED, OTHERWISE KNOWN AS THE LABOR CODE OF THE PHILIPPINES, BY PROVIDING FOR RETIREMENT PAY TO QUALIFIED PRIVATE SECTOR EMPLOYEES IN THE ABSENCE OF ANY RETIREMENT PLAN IN THE ESTABLISHMENT
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled::
Section 1. Article 287 of Presidential Decree No. 442, as amended, otherwise known as the Labor Code of the Philippines, is hereby amended to read as follows:
"Art. 287. Retirement. – Any employee may be retired upon reaching the retirement age established in the collective bargaining agreement or other applicable employment contract.
"In case of retirement, the employee shall be entitled to receive such retirement benefits as he may have earned under existing laws and any collective bargaining agreement and other agreements: Provided, however, That an employee's retirement benefits under any collective bargaining...
Login to see full content