RETIREMENT PAY

Question 1

Employees shall be retired upon reaching the age of ____ years or more but not beyond _____ years old [and have served the establishment for at least _____ years).

Answer 1

• 60 years but not beyond 65 years old

- 5 years

Question 2

The minimum retirement pay shall be equivalent to ____ month salary for every year of service, a fraction of at least ____ months being considered as one (1) whole year.

Answer 2

• 1/2 month salary

- six (6)

Question 3

Other benefits may be included in the computation of the retirement pay upon agreement of the employer and the employee or if provided in the _______

Answer 3

• Collective Bargaining Agreement (CBA)

Question 4

For covered workers who are paid by results and do not have a fixed monthly salary rate, the basis for the determination of salary for ___ days shall be their average daily salary (ADS).

Answer 4

• fifteen (15)days

Question 5

The _____ is derived by dividing the total salary or earnings for the last twelve months reckoned from the date of retirement by the number of actual working days in that particular period, provided that the determination of rates of payment by results are in accordance with the established regulations.

Answer 5

• Average Daily Salary

Question 6

_____ workers are also entitled to retirement pay of “_______ “ for every year of service under RA ____, after satisfying the following conditions precedent for optional retirement:

Answer 6

• Part-time workers
• one-half month salary
• RA 7641

Question 7

An ______ employee refers to any person employed to extract mineral deposits underground or in the surface, or to work in excavations or workings such as shafts, winzes, tunnels, drifts, crosscuts, raises, working places whether abandoned or in use beneath or in the earth’s surface for the purpose of searching for and extracting mineral deposits.

Answer 7

• underground or surface mine

Question 8

In the absence of a retirement plan or other applicable agreement providing for retirement benefit of underground mine employees in the establishment, an employee may retire upon reaching the compulsory retirement age of ___ years or upon optional retirement at the age of ____ years, provided he/she has served for at least ____ years as an underground mine employee or in underground mine of the establishment.

Answer 8

• sixty (60) years
• fifty (50) years
• five (5) years

Question 9

The compulsory retirement age of professional racehorse jockeys who are duly licensed by the Philippine Racing Commission (PHILRACOM) is _____ years old, provided that he/she has served for at least five (5) years as racehorse jockey and has paid additional premium to the SSS.

Answer 9

• fifty-five (55)

Question 10

The retirement benefits under RA ___ and RA ___ are separate and distinct from those granted by the Social Security System. Under the law, upon optional or compulsory retirement, the employee is also entitled to the proportionate _____ pay for the calendar year and to the cash equivalent of accrued leave benefits.

Answer 10

• RA 7641 and RA 8558

- thirteenth-month

Question 11

Provided, That the retiring official or employee has been in the service of the same employer for at least ____ years and is not less than ___ years of age at the time of his retirement:

Answer 11

• ten (10) years

- fifty (50) years of age