Retirement Law In The Philippines
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FAQ
However, once you become a covered SSS member, you become a member for life. The contributions that you remit become savings for the future that will serve as basis for the granting of social security benefits in times of contingencies. Membership cannot be withdrawn and contributions paid cannot refunded.
Who are Qualified to Avail SSS Retirement Pension? at least 60 years old and separated from employment or has ceased to be a Self- employed, OFW or Household Helper; at least 55 years old and separated from employment or has ceased to be a Self employed, if an ?underground mineworker";
Article 302 (287) of the Labor Code mandates that in the absence of a retirement plan or agreement providing for retirement benefits of employees in an establishment, an employee upon reaching the age of 60 years or more, but not beyond 65 years which is hereby declared the compulsory retirement age, who has served at ...
5.1 In the absence of an applicable employment contract, an employee who retires pursuant to the Act shall be entitled to retirement pay equivalent to at least one-half(1/2) month salary for every year of service, a fraction of at least six (6) months being considered as one whole year.
They currently have the option to take early retirement at 60. The new law will allow civil servants to exercise that option when they turn 56, putting it on par with the mandatory retirement age for military and police personnel, ing to a statement posted on the website of the House of Representatives recently.