LIFE AFTER

RETIREMENT

BY: ARCIBAL, JHOVAN ROSE 0.

DEL MUNDO, JIM PATRIARCH A.
 Retirement is to "withdraw from one's position
or occupation or from active working life." You
can achieve retirement when you have
sources of income that do not have to be
earned by working. Retirement and the term
“financial independence" are often used
interchangeably
 the action or fact of leaving one's job and
ceasing to work.
What is Retirement?

 Retirement refers to the time of life when one

chooses to permanently leave the workforce
behind. The traditional retirement age is 65 in the
United States and most other developed countries,
most of which have some kind of national pension
or benefits system in place, to supplement retirees' 
incomes. 
Republic Act No. 7641 (RA 7641)
Retirement pay law.
 Effective since January 7, 1993, this act was
an amendment to Article 287 of the Labor
Code of the Philippines in order to prescribe
the minimum retirement benefit which
companies are mandated to pay to their
eligible employees.
Article 287 of Presidential Decree No.
442
 Art. 287. Retirement. - Any employee may be
retired upon reaching the retirement age
established in the collective bargaining
agreement or other applicable employment
contract.
 "In case of retirement, the employee shall be
entitled to receive such retirement benefits as
he may have earned under existing laws and
any collective bargaining agreement and other
agreements: Provided, however, That an
employee's retirement benefits under any
collective bargaining and other agreements
shall not be less than those provided herein.
 "In the absence of a retirement plan or agreement
providing for retirement benefits of employees in the
establishment, an employee upon reaching the age
of sixty (60) years or more, but not beyond sixty-five
(65) years which is hereby declared the compulsory
retirement age, who has served at least five (5)
years in the said establishment, may retire and shall
be entitled to retirement pay equivalent to at least
one- half (1/2) month salary for every year of service,
a fraction of at least six (6) months being considered
as one whole year.
CAUSES OF RETIREMENT

 Layoff
 Health
 Caring for family
 Freedom to pursue interests
 Dissatisfaction with your career
TYPES OF RETIREMENT
 Disability
 Early Retirement
 Voluntary Retirement
 Deferred Retirement