All employees are entitled to retirement benefits as provided for in the New Retirement Law under Art 287 the Labor Code of the Philippines. An employee upon reaching the age of sixty (60) years or more, but not beyond sixty-five (65) years which is hereby declared the compulsory retirement age, who has served the company for at least five (5) years, may retire and 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. The retirement benefit shall also include the employee’s 13th month pay and the conversion of all unused leaves.

Under EO 203, the no work no pay policy shall be applied. For work rendered on special holidays, an additional 30% shall be added to the basic. Formula: 130% * Basic Pay.

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