This case has been cited 2 times or more.
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2008-07-21 |
REYES, R.T., J. |
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| A retirement plan in a company partakes the nature of a contract, with the employer and the employee as the contracting parties. It creates a contractual obligation in which the promise to pay retirement benefits is made in consideration of the continued faithful service of the employee for the requisite period.[21] | |||||
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2008-07-21 |
REYES, R.T., J. |
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| Lastly, in Brion v. South Philippine Union Mission of the Seventh Day Adventist Church,[48] the Court ruled that a reading of Article 287 of the Labor Code would reveal that the "employer and employee are free to stipulate on retirement benefits, as long as these do not fall below floor limits provided by law."[49] | |||||