Bill drafted for the office of Rep. Earlpe John M. Amante 1401

AN ACT

ENSURING ALL PRIVATE SCHOOL AND UNIVERSITIES TO HAVE A RETIREMENT PLAN AND BENEFITS FOR ALL OF ITS EMPLOYEES

         SECTION 1. Title. – This act shall be known as the “Retirement Plan for Private School and Universities”.

       SECTION 2.  Declaration of Policy. – Though the Labor Code already has a policy regarding retirements, some schools and universities skirts around the Labor Code to underpay prospective retirees which is beneath the industry practice and dignity of the employees.

          SECTION 3. Definitions. – As used in this act, the following terms shall mean:

         (a)  Employee/Staff/Faculty – this refers to the people responsible for the delivery of services and instruction.

      (b)  Monthly income – this refers to the gross monthly income earned by the employee for the delivery of service and instruction.

     (c)  Retirement Pay – this refers to the pay or emolument received by the employee/staff/faculty after rendering 10 years of service or more.

          SECTION 4.  Regulatory power.  All matters related to the retirement issues and cases will be under the Department of Labor and Employment.

      SECTION 5.  Penalty.  Schools and Universities operating without a viable retirement plan shall be subjected to a fine of not less than One Million Pesos (P1,000,000) but not more than Three Million Pesos (P3,000,000).

            Academic officers and corporate officers such as the President, Vice-President, Corporate Secretary, Treasurer and General Manager shall be punished by prison mayor and its medium and maximum periods and a fine not less than One Million Pesos (P1,000,000) but not exceeding Two Million Pesos (P2,000,000).

     SECTION 6.  Repealing clause.  All laws, decrees, executive orders, proclamations, rules and regulations, or parts thereof inconsistent herewith is hereby repealed or modified accordingly.

           SECTION 7.  Separability clause.  If any provision of this act is held invalid or unconstitutional, the other provisions not affected hereby shall remain valid and subsisting.

        SECTION 8.  Effectivity.  This act shall take effect fifteen (15) days after its publication in at least two (2) national newspaper of general circulation.