Rivera v. Solidbank Corporation (2006)

Rivera v. Solidbank Corporation, G.R. No. 163269, April 19, 2006, Callejo, Sr., J.:

1. Background

• [The employee] had been working for Solidbank Corporation since July 1, 1977.3 He was initially employed as an Audit Clerk, then as Credit Investigator, Senior Clerk, Assistant Accountant, and Assistant Manager. Prior to his retirement, he became the Manager of the Credit Investigation and Appraisal Division of the Consumer’s Banking Group. In the meantime, [the employee] and his brother-in-law put up a poultry business in Cavite.

• In December 1994, Solidbank offered two retirement programs to its employees: (a) the Ordinary Retirement Program (ORP), under which an employee would receive 85% of his monthly basic salary multiplied by the number of years in service; and (b) the Special Retirement Program (SRP), under which a retiring employee would receive 250% of the gross monthly salary multiplied by the number of years in service. Since [the employee] was only 45 years old, he was not qualified for retirement under the ORP. Under the SRP, he was entitled to receive P1,045,258.95 by way of benefits.

• Deciding to devote his time and attention to his poultry business in Cavite, [the employee] applied for retirement under the SRP. Solidbank approved the application and [the employee] was entitled to receive the net amount of P963,619.28. This amount included his performance incentive award (PIA), and his unearned medical, dental and optical allowances in the amount ...

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