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Apr 14, 2024 · The minimum retirement pay is equivalent to one-half (1/2) month salary for every year of service, a fraction of at least six (6) months being considered as one (1) whole year. ( P.D. 442, Labor Code, Article 287 ; 2023 DOLE-BWC Handbook on Workers’ Statutory Monetary Benefits or “DOLE-BWC Handbook” , pp. 48-49)
Apr 7, 2024 · The principle of non-diminution of benefits is actually founded on the Constitutional mandate to protect the rights of workers, to promote their welfare, and to afford them full protection. In turn, said mandate is the basis of Article 4 of the Labor Code which states that “all doubts in the implementation and interpretation of this Code ...
Apr 17, 2024 · Philippine labor laws have unique provisions regarding leave benefits, social security, and overtime pay requirements. The Labor Code of the Philippines recognizes six types of employment, each with its own characteristics and implications. Employment in the Philippines is not at-will, and due process must be followed before dismissing an employee.
Apr 16, 2024 · According to Article 287 of the Labor Code of the Philippines, an employee may retire upon reaching the age of sixty (60) years or more if they have served at least five (5) years in the said establishment. Upon retirement, the employee is entitled to receive retirement benefits. The law specifies that an employee should receive a retirement ...
Apr 1, 2024 · d. Retirement benefits. Retirement benefits – refer to ‘a cash benefit granted—either as a monthly pension or a lump sum amount—to a member who can no longer work due to old age.’ (Summary of SSS Benefits, p. 1; DOLE-BWC Handbook, p. 59) Benefits
Apr 11, 2024 · The circular clarifies that retirement benefits received under a BIR-registered retirement plan are exempt from income tax, even if the length of service condition under the approved employees’ retirement benefits plan is not met. This exemption applies as long as the retirement and benefit receipt occur between June 5 and December 31, 2020.
Apr 3, 2024 · Employee Payroll Contributions. 4.50%. Social Security System, applied on income between 4,000 to 30,000 PHP monthly. 2.00%. Home Development Mutual Fund (HDMF) (Pag-ibig) (monthly salary ceiling of 10,000 PHP ) 2.5%. Philippine Health Insurance Corporation (PHIC) (salary ceiling 100,000 PHP) Up to 9.50%.
