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1. • No

     • The answer, very simply, is No. To clarify, the purpose of RA 7641 is to prescribe the minimum retirement benefit to be paid by the company to its qualified employees.
     actuarial.zalamea.ph › more-about-the-philippine-retirement-pay-law-ra-7641

     More About The Philippine Retirement Pay Law (RA 7641)

2. People also ask

   What is retirement pay Law RA 7641?

   • If none, the company can only subscribe to the minimum regulatory benefit stated in RA 7641 also known as Retirement Pay Law. The said Law says that all retiring employees, upon reaching the age of 60 (up to age 65) and has rendered at least 5 years of service, are entitled to a retirement benefit equal to 22.5 days Pay per year of service.

   More About The Philippine Retirement Pay Law (RA 7641)

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   How does Ra 7641 affect retirement benefits?

   • Since RA 7641 simply defines the minimum retirement benefit, companies, therefore, have the option to provide benefits more liberal than the minimum prescribed by this Act. Companies often do this to gain an edge and be more competitive in the market, allowing them to better attract and keep the best employees.

   More About The Philippine Retirement Pay Law (RA 7641)

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   What is Ra 7641?

   • The Philippines has Republic Act No. 7641 (RA 7641), also known as the Retirement Pay Law. Effective since January 7, 1993, this act was an amendment to Article 287 of the Labor Code of the Philippines in order to prescribe the minimum retirement benefit which companies are mandated to pay to their eligible employees.

   More About The Philippine Retirement Pay Law (RA 7641)

   actuarial.zalamea.ph/more-about-the-philippine-retirement-pay-law-ra-7641/

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   Does Ra 7641 require a company to set up a retirement plan?

   • But since RA 7641 does not require a company to also set up a formal retirement plan, it becomes clear that the obligation under RA 7641 is simply for a company to pay the regulatory benefit when it becomes due.

   More About The Philippine Retirement Pay Law (RA 7641)

   actuarial.zalamea.ph/more-about-the-philippine-retirement-pay-law-ra-7641/

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3. actuarial.zalamea.ph › more-about-the-philippineMore About The Philippine Retirement Pay Law (RA 7641)

   actuarial.zalamea.ph › more-about-the-philippine

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   Feb 23, 2017 · If your company has a retirement plan, your applicable retirement pay will be computed in accordance with the plan’s provisions; provided, that if you have served the company for at least 5 years, then your retirement pay will be the higher of the Plan benefit or the RA 7641 benefit.

   • The Philippine Retirement Pay Law (RA 7641) - Zalamea Actuarial

     Republic Act No. 7641 (RA 7641), also known as the...

   • The Retirement Pay Law (RA 7641) and PERA (RA 9505)

     The Republic Act 7641, also known as the Retirement Pay Law,...

4. library.laborlaw.ph › r-a-7641-amending-a287-laborR.A. 7641: Amending A287 Labor Code on Retirement

   library.laborlaw.ph › r-a-7641-amending-a287-labor

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   Jul 21, 2022 · 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.

5. laborlaw.ph › retirement-payRetirement Pay - Labor Law PH

   laborlaw.ph › retirement-pay

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   Apr 14, 2024 · RA 7641, which was enacted on December 9, 1992, amended Article 287 of the Labor Code, providing for the rules on retirement pay to qualified private sector employees in the absence of any retirement plan in the establishment.

6. actuarial.zalamea.ph › more-about-the-philippineThe Philippine Retirement Pay Law (RA 7641) - Zalamea Actuarial

   actuarial.zalamea.ph › more-about-the-philippine

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   Feb 27, 2017 · Republic Act No. 7641 (RA 7641), also known as the Retirement Pay Law, came into effect in January 7, 1993 and was made to amend Article 287 of the Labor Code of the Philippines. This law prescribes minimum retirement benefit that companies must pay eligible retiring employees.

7. actuarial.zalamea.ph › the-retirement-pay-law-and-peraThe Retirement Pay Law (RA 7641) and PERA (RA 9505)

   actuarial.zalamea.ph › the-retirement-pay-law-and-pera

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   Feb 6, 2023 · The Republic Act 7641, also known as the Retirement Pay Law, require companies to provide retirement benefits to their employees. However, it is important to note that the law does not require companies to set up a retirement plan or contribute to a fund.

8. whatalife.ph › guide-how-to-compute-retirement-payGUIDE: How to Compute Retirement Pay - WhatALife!

   whatalife.ph › guide-how-to-compute-retirement-pay

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   May 8, 2024 · According to Republic Act No. 7641, in the absence of a retirement plan or agreement, employees who retire upon reaching the age of 60 or more and have served for at least five years are entitled to retirement pay equivalent to at least one-half month’s salary for every year of service.

9. www.landbank.com › images › inner_templateR.A. 7641 The New Retirement Law - Land Bank of the Philippines

   www.landbank.com › images › inner_template

   The New Retirement Law (R.A. 7641) prescribes minimum retirement benefits to qualified private-sector employees. The law entitles minimum retirement pay to employees who retire between the ages of 60 and 65 with at least 5 years of service.