Circumstances Entitling to Benefits
- Retirement after completing term of office.
- Incapacity to fulfill official duties.
- Death while in service.
- Resignation, provided age is at least 60 and at least 20 years of government service have been rendered.
Pension and Lump Sum Payment Provisions
- Payment of a lump sum equivalent to one year's salary.
- Payment also includes a lump sum not exceeding five years' salary for every year of service computed on the last annual salary.
- An annuity payable monthly for life equivalent to the monthly salary at the time of retirement, incapacity, or resignation.
Conditions on Resignation Benefits
- Resignation benefits are available only if the official is at least 60 years old.
- Must have rendered not less than 20 years of service in government.
Adjustment of Salary for Pension Computation (Section 2-A)
- Any increase or decrease in salary of the officials affects pension computation.
- Pension or retirement benefits correspond to the adjusted salary.
- Benefits accrued before the salary adjustment remain unaffected.
Effectivity Clause
- The law takes effect immediately upon approval (June 22, 1963).