Retirement Possibility After Twenty Years of Service
- Retirement allowed regardless of age after a minimum of 20 years of service.
- Benefit consists of return of personal contributions plus interest.
- A gratuity payment based on the highest monthly salary received.
- Gratuity computed as one month salary per year of service, with a maximum of 24 months.
- Gratuity payable directly by the employer or office concerned.
- Employers authorized to appropriate funds or use savings to cover gratuity payments.
Commutation of Unused Leave Benefits
- Officials and employees retiring under these provisions are entitled to receive the commutation of their unused vacation and sick leave.
- Commutation applies only at the time of retirement.
Renumbering of Subsections
- Previous paragraphs b, c, d, and e of Section 12 are renumbered to d, e, f, and g respectively.
Effectivity and Application
- The amendments take effect immediately upon approval of the Act on May 31, 1957.
- Ensures enhanced retirement flexibility and financial benefits for government employees under the system.