WWhat are the benefits of a member upon reaching early and normal retirement date?
A member who reaches his normal retirement date or who elects to retire upon reaching his early retirement date shall be entitled to and shall be paid the whole amount standing to his credit at retirement. If the early or normal retirement benefits to be received by the member from contributions made by his Participating Employer in his favor shall be less than what is required by law as a lump sum retirement benefit, his Participating Employer shall pay the difference. Retirement benefits under the Labor Code, as amended by R.A. 7641, are exempt from income tax.
Related Questions
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