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Death Benefits
The Pension Fund shall pay a Death Benefit amounting to ONE HUNDRED THOUSAND PESOS [P100,000] to the beneficiaries of a RETIRED member when he or she dies. An amount of ONE HUNDRED FIFTY THOUSAND PESOS [P150,000] shall be paid as DEATH BENEFIT to a member who dies while in active service.
Pension Benefits
Part Time Employees - Upon reaching the age of retirement, part-time employees shall be entitled to a return of premiums plus accumulated interest thereon. He or she shall not be entitled to any other benefits. Employees with less than 5 years of credited service shall, upon reaching the age of retirement, be entitled to a retirement pay equivalent to 60% of current salary multiplied by the number of years in service.
Voluntary Separation/Resignation
An employee, with less than five (5) years of credited service, shall not be entitled to any separation benefits upon resignation or voluntary separation. An employee, with five (5) to nine and a half [9 & ½] years of credited service shall be entitled to a separation pay equivalent to 20% of his or her equity [total premiums paid plus interest thereon].
Involuntary Separation
An employee, regardless of credited years of service, who is retrenched, laid off or in any manner involuntarily separated shall be entitled to separation pay equivalent to total premiums paid plus 25% of accumulated interests thereon. |