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Retirement in Pasig, Philippines, is governed by national laws that aim to ensure the well-being and financial security of retirees. The city of Pasig, part of Metro Manila, offers a range of resources and services for retirees and those preparing for retirement. The focus is typically on ensuring retirees have access to pensions, social security, and proper healthcare services, aligning with the broader national framework established by the Philippine Retirement Authority and other government bodies.
Retirement planning and execution can involve complex legal and financial situations. People in Pasig may require legal assistance in instances such as:
Retirement in Pasig, as with the rest of the Philippines, is primarily governed by the Labor Code of the Philippines and relevant legislative provisions such as the Republic Act No. 7641, known as the Retirement Pay Law. Key aspects include:
The mandatory retirement age in the Philippines is generally 65, while optional retirement can be availed starting at the age of 60, depending on company policy or negotiated agreements.
Retirement pay is typically calculated at one-half month salary for every year of service. The components of the one-half month salary include 15 days' salary plus the 5 days of service incentive leave and 1/12 of the 13th-month pay.
If an employee is separated from employment through no fault of their own, they may still qualify for retirement pay as stipulated in their employment contract or company policy, subject to legal provisions.
If you are re-employed after being retired, typically, your pension may be suspended depending on the conditions set forth by the SSS or GSIS. It is important to review your specific case with these institutions or seek legal advice.
Expatriates can be eligible for retirement benefits if they have contributed to the SSS during their employment in the Philippines. They can also explore the Special Resident Retiree’s Visa (SRRV) program offered by the Philippine Retirement Authority.
The SSS retirement benefit is a monthly pension or lump-sum amount granted to qualified members who have reached the retirement age and meet the required number of monthly contributions.
Eligible government employees must submit a retirement application through their respective agencies or directly to the GSIS, accompanied by required documents such as birth certificates and employment records.
No, generally, individuals cannot receive pensions from both the SSS and GSIS simultaneously due to the distinct nature of contributions and entitlements.
The Philippine Retirement Authority primarily manages benefits programs like the SRRV for foreign retirees and collaborates on initiatives to enhance the retirement industry's environment.
Seek legal assistance to understand your rights and remedies. It’s advisable to document all relevant transactions and communications, and consult with a lawyer specializing in retirement law or employment disputes.
Several resources can provide further assistance on retirement-related issues in Pasig:
If you need legal assistance with retirement in Pasig, Philippines, consider the following steps:
