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Retirement Pay Law - DOWNLOAD
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The Retirement Pay Law presented here 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. They shall include part-time employees, employees of service and other job contractors and domestic helpers or persons in the Personal service of another.

If you want to know about Retirement Computations under the GSIS Program, just visit this link: 
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The minimum retirement pay shall be equivalent to one-half (1/2) month salary for every year of service, a fraction of at least six (6) months being considered as one (1) whole year.
For the purpose of computing retirement pay, "one-half month salary" shall include all of the following:

1. Fifteen (15) days salary based on the latest salary rate;
2. Cash equivalent of five (5) days of service incentive leave;
3. One-twelfth (1/12) of the thirteenth-month pay.
(1/12 x 365/12 = .083 x 30.41 = 2.5)
Minimum Retirement Pay = Daily Rateii x 22.5 days x number of years in service
Other benefits may be included in the computation of the retirement pay upon agreement of the employer and the employee or if provided in the Collective Bargaining Agreement (CBA).

CREDITS: National Wages and Productivity Commission

This computation is applicable to private sector only. If you want to know about Retirement under the GSIS Program, just visit this link: 

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