Legislative History
| July 1, 1992 | - Introduced by Sen. HERRERA. |
| August 3, 1992 | - Read on First Reading and referred to the Committee(s) on LABOR, EMPLOYMENT AND HUMAN RESOURCES DEVELOPMENT. |
| August 26, 1992 | - Returned by the Committee on Labor and Employment and Human Resources and Development per Committee Report No. 4., recommending its approval without amendment. |
| August 31, 1992 | - Submitted said report to the Senate; - Sponsor: Senator Herrera; - Assigned for consideration by Special Order. |
| September 1, 1992 | - Inquiry of Senator Guingona, Jr.; - Sponsorship speech of Senator Herrera. |
| September 2, 1992 | - Interpellations of Senators Tolentino, Maceda, Angara, Roco, and Guingona, Jr.; Inquiries of the Chair. |
| September 3, 1992 | - Senators Sotto III, Lina, Jr., Maceda, Roco, Romulo, Ople, Webb and Macapagal-Arroyo were made coauthors as manifested by Senator Herrera; - Interpellations of Senators Guingona, Jr., Osmeña and Angara; - Period of interpellations closed. |
| September 4, 1992 | - Senators Tatad, Angara and Revilla were made coauthors. |
| September 29, 1992 | - Period of amendments; - Period of amendments closed; - Passed on Second Reading with amendments. |
| September 30, 1992 | - Printed copies were distributed to the Senators. |
| October 5, 1992 | - Passed on Third Reading: - In Favor: (23) Alvarez, Angara, Aquino, Biazon, Coseteng, Gonzales, Guingona, Jr., Herrera, Lina, Jr., Macapagal-Arroyo, Maceda, Mercado, Ople, Rasul, Revilla, Roco, Romulo, Shahani, Sotto III, Tañada, Tatad, Tolentino and Webb; - Against: None; Abstention: (1) Osmeña. |
| October 6, 1992 | - Sent to the House of Representatives requesting for concurrence. |
| October 8, 1992 | - House of Representatives requested the Senate for a conference on the disagreeing provisions of SBN-132 and HBN-317, designating Congressmen Veloso, Bondoc, Del Rosario, Sarmiento and Aquino (H.) as its conferees. |
| October 12, 1992 | - Senate accepted the request of the House of Representatives for a conference designating Senators Herrera, Maceda, Romulo, Angara, Ople and Guingona, Jr. as its conferees. |
| October 28, 1992 | - Conference Committee recommended that SBN-132 and HBN-317 be consolidated and approved. |
| October 29, 1992 | - Conference Committee Report approved by the Senate; - Conference Committee Report approved by the House of Representatives. |
| November 26, 1992 | - The Bill was presented to the President of the Philippines. |
| December 9, 1992 | Approved and signed by the President of the Philippines and became REPUBLIC ACT NO. 7641. |
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H. No. 347 S. No. 132 / 89 OG No. 2, 180 (Jan. 11, 1993) ; 3 VLD 395 2d ; Star 12/23/92 ; Journal 12/14/92 & 12/23/92 ; Malaya 12/14/92 ; Impl. Rules-Star 5/16/93
[ REPUBLIC ACT NO. 7641, December 09, 1992 ]
AN ACT AMENDING ARTICLE 287 OF PRESIDENTIAL DECREE NO. 442, AS AMENDED, OTHERWISE KNOWN AS THE LABOR CODE OF THE PHILIPPINES, BY PROVIDING FOR RETIREMENT PAY TO QUALIFIED PRIVATE SECTOR EMPLOYEES IN THE ABSENCE OF ANY RETIREMENT PLAN IN THE ESTABLISHMENT
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
SECTION 1. Article 287 of Presidential Decree No. 442, as amended, otherwise known as the Labor Code of the Philippines, is hereby amended to read as follows:
"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.
"Unless the parties provide for broader inclusions, the term 'one-half (1/2) month salary' shall mean fifteen (15) days plus one-twelfth (1/12) of the 13th month pay and the cash equivalent of not more than five (5) days of service incentive leaves.
"Retail, service and agricultural establishments or operations employing not more than ten (10) employees or workers are exempted from the coverage of this provision.
"Violation of this provision is hereby declared unlawful and subject to the penal provisions provided under Article 288 of this Code."
SEC. 2. Nothing in this Act shall deprive any employee of benefits to which he may be entitled under existing laws or company policies or practices.
SEC. 3. This Act shall take effect fifteen (15) days after its complete publication in the Official Gazette or in at least two (2) national newspapers of general circulation, whichever comes earlier.
Approved, December 9, 1992.
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