SECTION 3. Retirement under CBA/contract.
3.1 Any employee may retire or be retired by his employer
upon reaching the retirement age established in the collective
bargaining agreement or other applicable employment contract
or retirement plan subject to the provisions of Section 5 hereof
on the payment of retirement benefits.
3.2 In case of retirement under this Section, the employee
shall be entitled to receive such retirement benefits as he may
have earned under existing laws and any collective bargaining
agreement and other agreements; provided, however, that an
employee’s retirement benefits under any collective bargaining
and other agreements shall not be less than those provided
under this Rule, and provided further that if such benefits are
less, the employer shall pay the difference between the amount
due the employee under this Rule and that provided under the
collective or individual agreement or retirement plan.
3.3 Where both the employer and the employee contribute to
a retirement fund in accordance with an individual or collective
agreement or other applicable employment contract, the
employer’s total contribution thereto shall not be less than the
total retirement benefits to which the employee would have
been entitled had there been no such retirement fund. In case
the employer’s contribution is less than the retirement benefits
provided under this Rule, the employer shall pay the deficiency.
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