Republic Act No. 7641

: Republic Act No. 7641 amends Article 287 of the Labor Code of the Philippines to provide retirement pay to qualified private sector employees in the absence of any retirement plan in the establishment.
: The compulsory retirement age is sixty-five (65) years old.
: An employee can retire upon reaching sixty (60) years of age or more, but not beyond sixty-five (65) years.
: The employee must have served at least five (5) years in the establishment.
: Retirement pay is equivalent to at least one-half (1/2) month salary for every year of service, with a fraction of at least six (6) months being considered as one whole year.
: It includes fifteen (15) days salary plus one-twelfth (1/12) of the 13th month pay and the cash equivalent of not more than five (5) days of service incentive leaves, unless the parties provide for broader inclusions.
: No, retail, service, and agricultural establishments employing not more than ten (10) employees or workers are exempted from the coverage of this provision.
: Violation is declared unlawful and is subject to the penal provisions provided under Article 288 of the Labor Code.
: No, it does not deprive any employee of benefits to which he may be entitled under existing laws or company policies or practices.
: It took effect fifteen (15) days after its complete publication in the Official Gazette or in at least two (2) national newspapers of general circulation, whichever comes earlier.