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Tag - retirement

05 Jan

Retirement Pay Under the Labor Code Sample Computation

Retirement has been defined as a withdrawal from office, public station, business, occupation, or public duty. [Brion vs. South Philippine Union Mission Of The Seventh Day Adventist Church, G.R. No. 135136 May 19, 1999] It is the result of a bilateral act of the parties, a voluntary agreement between the employer and the employee whereby the latter, after reaching a certain age, agrees and/or consents to sever his employment with the former. [Soberano vs. Secretary of Labor, 99 SCRA 558 [...]

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09 Jan

Release, Waiver and Quitclaim: How to Grant the Final Pay of Deceased Employee

Release, Waiver and Quitclaim is an important document to establish the relinquishment by the claimant of the right against the company. In the case of employer-employee relationship, the right mentioned refers to the benefits to which the employee is entitled to. The rights of the employee accrue in accordance with law. Thus, even if the employee dies, the benefits that have already accrued in his favor may be claimed by his heirs. The employer is under obligation to release the final [...]

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18 May

Compulsory Retirement Policy Lowering the Age Requires the Express Consent Of Employees

Acquire Mastery of HR/Labor Doctrines, Rules and Principles with Atty. Elvin’s HR Bundle Books at Discounted Rate Compulsory retirement age of sixty-five (65) years can be lowered by the parties. If so it is not per se repugnant to the constitutional guaranty of security of tenure, provided that the retirement benefits are not lower than those prescribed by law and they have the employee’s consent. Article 302 of the Labor Code, as amended, provides that any employee may be retired upon [...]

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03 Dec

RETIREMENT PLAN SHOULD BE EXPRESSLY CONSENTED TO BY NEW EMPLOYEE TO BE BINDING

Retirement plan cannot be presumed to be known to new employees most especially if it lowers the retirement age than that provided in the Labor Code. For instance, the compulsory retirement age under Art. 302 of the Labor Code, as amended, is 65 years old. The law permits the parties to lower this age upon mutual agreement. Have a copy of the Labor Code of the Philippines 2018 Edition (re-numbered and updated) Under the provision, the employers and employees may agree to [...]

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15 Sep

Company Practice Exists If The Act Of Extending Benefits Has Been Practiced For A Long Period Of Time And Shown To Be Consistent And Deliberate

Company practice or policy to exist, it must be proven that the act of extending benefits of the CBA to managerial employees must have been practiced for a long period of time and must be shown to be consistent and deliberate. Thus, the SC held that to be considered a company practice, the giving of the benefits should have been done over a long period of time, and must be shown to have been consistent and deliberate. The test or [...]

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22 Aug

Final Pay, Separation Pay, Back Pay, Backwages, Severance Pay, Separation Package, Retirement Pay, Terminal Pay, and Financial Assistance: What’s the Difference?

Final pay is often confused with separation pay. These two concepts are different. To clarify the pay given to employees at the end of employment, for whatever reason that he was separated, I will discuss the difference among these terms and many others that workers normally use when they end their employment. Final pay is a loose term used by companies, more particularly HR department, to refer to the salary and benefits to which the employee who was separated is entitled [...]

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20 Jun

Sample Acceptance of Retirement Lowering Compulsory Retirement Age

Sample acceptance of retirement lowering compulsory retirement age is necessary following the decision of the Supreme Court in the case of Alfredo F. Laya, Jr. vs. Court of Appeals, et al., G.R. No. 205813, January 10, 2018. Employee’s consent to the retirement plan cannot be inferred from signature in the personnel action forms containing the phrase: “Employee hereby expressly acknowledges receipt of and undertakes to abide by the provisions of his/her Job Description, Company Code of Conduct and such other policies, guidelines, [...]

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13 Apr

Retirement Benefit Computation

Retirement benefit entitles the employee to receive such benefits as he may have earned under existing laws and any collective bargaining agreement and other agreements. Under Article 302 [formerly Article 287] any employee may be retired upon reaching the retirement age established in the collective bargaining agreement or other applicable employment contract. (Note: Labor Code was renumbered pursuant to RA 10151 and DOLE D.O. 01, Series of 2015) Get a copy of the Labor Code of the Philippines 2018 Edition by Atty. [...]

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12 Apr

Part Time Employees are Entitled to Retirement Benefits

Juanito Bernardo filed a complaint against DLS-AU for the payment of retirement benefits. Bernardo alleged that he started working as a part-time professional lecturer at DLS-AU (formerly known as the Araneta University Foundation) on June 1, 1974. Bernardo’s teaching contract was renewed at the start of every semester and summer. However, on November 8, 2003, DLS-AU informed Bernardo through a telephone call that he could not teach at the school anymore as the school was implementing the retirement age limit [...]

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30 Mar

Lone Grant of Optional Retirement may not Establish Company Practice

Maureen Perez wanted to retire from employer CII. But it was denied. She asked CII to reconsider its stand and she cited names of former employees who were allowed to optionally retire and who were given separation pays even if they were managerial employees. Still, CII was not convinced. Perez filed a complaint with the NLRC for discrimination, moral damages and attomey’s fees against and praying for separation pay in the form of optional retirement benefits, either under the Retirement [...]

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