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Retirement Benefits

hssb
Member
Mon, 21 Aug 2017 02:20:28 PM  (Last updated: Mon, 21 Aug 2017 05:32:24 PM)

Dear Admin,

Please help me to calculate the retirement benefits as details below:

1) No of completed years of service : 23 years 

2) Retirement Age: 60 years

3) Last drawn salary : RM 2170.00

As per our company Collective Agreement, for all confirmed employees that reach the age of 60 years and have completed at least 5 years of service, the company shall pay a lump-sum of gratuity equivalent to 10 days salary for every completed year of service.

Thank you.

KL Siew
Administrator
Mon, 21 Aug 2017 05:32:24 PM

Since the company has a CA with the union, the provisions in the CA shall be followed. Besides, under the Employment Act, there is no provision for payment of retirement benefits.

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