Retirement Pay

Part 1 - NCR Minimum Wage, COLA, Normal Hours of Work, Rest Day, Meal Period

Part 2 - Holiday Pay, Conditions for Entitlement and How to compute Holiday Pay

Part 3 - Premium Pay, Overtime Pay and Night Shift Differential

Part 4 - Leave Benefits

Part 5 - Service Charges and When given

Part 6 - 13th Month Pay and When given

 FAQS ON WAGE AND WAGE RELATED BENEFITS  PART 7 ... 

 24. WHAT IS RETIREMENT PAY?

        It is the amount given an employee who has reached the age of 60 years for optional retirement and 65 years old for compulsory and who has served the company for at least 5 years in the service.

25. HOW IS THE RETIREMENT BENEFITS COMPUTED?

       Minimum retirement pay = 22.5 days x daily rate x number of years of service

Source:
http://bwc.dole.gov.ph/index.php/9-faqs/17-faqs-on-wage-and-wage-related-benefits