Question & AnswerQ&A (Republic Act No. 3595)
The positions covered are the Auditor-General and the Chairman and Members of the Commission on Elections.
They may receive the lump sum payment when they retire upon completion of their term, become incapacitated to discharge duties, die while in service, resign after reaching 60 years of age but before the expiration of their term, provided certain conditions are met.
The maximum amount is equivalent to five years of salary for every year of service, based on the last annual salary received at the time of retirement, incapacity, death, or resignation.
The official must have rendered not less than twenty years of service in the government.
An annuity payable monthly during the residue of the official's natural life equivalent to the amount of the monthly salary he was receiving at the date of retirement, incapacity, or resignation.
If the salary is increased or decreased, the amount of pension or retirement benefits will be based on the increased or decreased salary, except any benefits that had already accrued before such changes shall not be affected.
It states that any increase or decrease in salary will be considered the basis for the pension or retirement salary for the retired official, but previously accrued benefits remain unaffected.
It took effect upon its approval on June 22, 1963.
No, the benefit includes both the lump sum payment of salary for a certain number of years based on service and a monthly annuity for life.
Yes, in case the official dies while in service, his heirs shall be paid the lump sum amount.