Kinds of Retirement Plans

RETIREMENT BENEFITS: LABOR CODE, RETIREMENT PLAN, SSS, GSIS AND PAG-IBIG

An employer may provide for a retirement plan or retirement fund under a contract of employment or under a collective bargaining agreement (CBA). SSS retirement pay is separate and distinct from the retirement pay under the Labor Code, retirement policy or plan of the employer or under a CBA. GSIS retirement benefits apply to government employees only. The coverage of the Pag-IBIG Fund may be treated as a substitute retirement benefit for the employee within the purview of the Labor Code.

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