Frequently Asked Questions with their Answers What is retirement pay? Retirement pay is a monetary benefit provided to employees who retire from service, ensuring financial support during their retirement years. Who is entitled to retirement pay in the private sector? Employees in the private sector who have reached the retirement age and have served at…
Frequently Asked Questions with their Answers What is separation pay? Separation pay is additional compensation granted to employees who are terminated from employment due to authorized causes, such as installation of labor-saving devices, redundancy, retrenchment, closure or cessation of operations, or incurable disease. Who is entitled to separation pay? Employees who are terminated due to…