What is Republic Act. No 7641?

It is a national law passed in December 1992 that requires all private employer/companies to povide a retirement program for its employees.

Who are required?

It is mandatory for all private companies who have been in business for at least 5 years and who are employing not less than 10 employees, except retail, service and agricultural establishments.

Who are entitled?

All private sector employees are entitled to retirement benefits upon reaching the retirable age of 60, but not more than 65 years and who has rendered at least 5 years of continuous service.

What can INSULAR LIFE do?

In response to and in support of RA 7641, Insular Life has designed a Retirement Plan that will help both employers and employees.  For the employers, the plan ensures that they can comply with the law without necessarily being overburden by additional retirement expenses, and at the same time reward their employees for their service/s by way of retirement benefits.  For the employees, the plan ensures that a retirement program is in place and that they will receive such benefits upon reaching the age of retirement. 

Other Benefits

Insular Life can also custom-design a retirement plan that includes RESIGNATION/SEPARATION BENEFITS and INVOLUNTARY SEPARATION BENEFITS - death, disability, retrenchment or shutdown.

We are interested.

Click here to fill up inquiry form after which an INSULAR LIFE representative will get in touch with you.  In addition, please send us a listing/census of your employees.  It should have the ff. info: name of employee or employee number, date of birth, date hired, position, present salary.  You may email the same to info@ilmalate.com  All information that you will submit will be treated with utmost confidence.

INQUIRE HERE

Download RA 7641 here