Query: If an employee voluntarily resigns after 24 years of service, will they receive retirement pay?

In the context of Philippine labor laws, retirement benefits are governed by the Labor Code of the Philippines and company-specific policies. Understanding whether a voluntarily resigning employee is eligible for retirement pay involves examining both legal provisions and the company's retirement plan.

Legal Framework for Retirement Pay:

According to Article 287 of the Labor Code of the Philippines, an employee may retire upon reaching the age of sixty (60) years or more if they have served at least five (5) years in the said establishment. Upon retirement, the employee is entitled to receive retirement benefits.
The law specifies that an employee should receive a retirement pay equivalent to at least half a month's salary for every year of service, a fraction of at least six months being considered as one whole year.

Conditions Under Company Policies:

Companies may have their retirement plans, which could potentially provide benefits beyond the statutory requirement. These plans are binding if they offer better benefits and are made known to the employees.
Some company policies may set specific conditions under which retirement benefits are granted, including age and length of service. These conditions might be more favorable than the legal requirements.

Impact of Voluntary Resignation:

Voluntary resignation typically does not affect the computation of the length of service. However, whether retirement benefits are payable upon resignation depends on the company’s specific retirement policy.
In cases where the company does not have a distinct retirement plan, the provisions of the Labor Code apply, and the employee would be eligible for retirement benefits if they meet the age and service length requirements.

Special Considerations:

It's crucial to review the terms of the employment contract or company handbook, as these documents may have specific clauses related to retirement benefits upon resignation.
If the retirement benefits are tied to the condition of reaching retirement age as stipulated in the company's retirement plan or the Labor Code, then resigning before reaching the age of retirement could potentially disqualify an employee from receiving these benefits unless the plan specifies otherwise.

Conclusion: Employees who voluntarily resign after long service periods, such as 24 years, should closely examine both the statutory provisions and their company's policies on retirement. If the employee meets the age requirement and the service length as required by law or the company’s policies, they are entitled to retirement pay. However, if they resign before reaching the stipulated retirement age without a provision allowing for early retirement, they might not be eligible for retirement benefits. Thus, it is advised for employees to consult their HR department or a legal advisor to understand fully their rights and benefits under their specific circumstances.