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

   laborlaw.ph › retirement-pay

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   Apr 14, 2024 · Retirement Pay (Private Sector) – refers to an additional pay given to private sector employees who qualify for retirement benefits. (See: P.D. 442, Labor Code, Article 287; 2023 DOLE-BWC Handbook on Workers’ Statutory Monetary Benefits or “DOLE-BWC Handbook”, pp. 48-49) a. Legal basis. The following are the legal bases:

2. www.bdblaw.com.ph › images › publicationsWithholding on retirement benefits - BDB Law

   www.bdblaw.com.ph › images › publications

   Under the Tax Code, as amended, a retirement benefit is considered part of the compensation income of the income earner, since it is paid by reason of an employer-employee relationship. However, a retirement benefit is one of the exclusions from gross income, and thus, exempt from income tax. The taxability of retirement benefits is covered by ...

3. People also ask

   Does Ra 7641 affect retirement pay?

   • This applies when the employer has a Reasonable Private Benefit Plan (RPBP). On the other hand, RA 7641 amended Section 287 of the Labor Code; which provides for a retirement pay to qualified private-sector employees in the absence of any retirement plan.

   Withholding on retirement benefits - BDB Law

   www.bdblaw.com.ph/images/publications/bm/613. Withholding on retirement benefits - SDB 62818.pdf

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   Who is responsible for withholding tax on retirement benefits?

   • The responsibility to withhold tax on retirement benefits depends on whether the retirement benefit is considered taxable, which shall be determined by the law used in granting such benefit. Under the Tax Code, as amended, a retirement benefit is considered part of the compensation income of the income earner, since…

   Withholding on retirement benefits | Atty. Septfonette Fe D. Balusdan

   businessmirror.com.ph/2018/06/27/withholding-on-retirement-benefits/

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   What are retirement benefits under RA 7641 & Ra 8558?

   • The retirement benefits under RA 7641 and RA 8558 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 thirteenth-month pay for the calendar year and to the cash equivalent of accrued leave benefits.

   2022 Handbook on Workers' Statutory Monetary Benefits - Labor Law PH

   library.laborlaw.ph/wp-content/uploads/2022/07/2022.Handbook..Workers.Benefits.pdf

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   Who qualifies for retirement benefits under Republic Act 7641?

   • Republic Act No. 7641 encompasses all private sector employees, save for those specifically exempted. This Court also invoked the principle of expressio unius est exclusio alterius and concluded that part-time employees, not being among those exempted from coverage, may qualify for retirement benefits under Republic Act No. 7641.

   Retirement Pay - Labor Law PH

   laborlaw.ph/retirement-pay/

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4. businessmirror.com.ph › 2018/06/27 › withholding-onWithholding on retirement benefits | Atty. Septfonette Fe D ...

   businessmirror.com.ph › 2018/06/27 › withholding-on

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   Jun 27, 2018 · If you have any comments or questions concerning the article, you may e-mail the author at septfonettefe.balusdan@bdblaw.com.ph or call 403-2001, local 170. The responsibility to withhold tax on ...

5. 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 · By Raymund Zalamea February 27, 2017 articles, glossary. 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.

6. chanrobles.com › RULE II, BOOK VI OF THE RULESRule II, Book VI of the Rules Implementing the Labor Code ...

   chanrobles.com › RULE II, BOOK VI OF THE RULES

   Retirement Benefits. SECTION 1. General Statement on Coverage — This Rule shall apply to all employees in the private sector, regardless of their position, designation, or status and irrespective of the method by which their wages are paid, except to those specifically exempted under Section 2 hereof. As used herein, the term Act shall refer ...

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7. 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 · Section 1. Article 287 of Presidential Decree No. 442, as amended, otherwise known as the Labor Code of the Philippines, is hereby amended to read as follows: “Art. 287. Retirement. – Any employee may be retired upon reaching the retirement age established in the collective bargaining agreement or other applicable employment contract.

8. library.laborlaw.ph › wp-content › uploads2022 Handbook on Workers' Statutory Monetary Benefits

   library.laborlaw.ph › wp-content › uploads

   concerned. (Sec. 4, Rule VII-A, Book III of the Rules Implementing the Labor Code). For the computation of the fair and reasonable value of the meals given, the employer may seek assistance from concerned Regional Tripartite Wages and Productivity Board (RTWPBs). B. Salary of Kasambahay who Works as Salesclerk