The next benefit which is the retirement benefit is exclusive only to the members who are in the old age and for those who cannot work anymore. This benefit entitles these members of a cash benefit either in monthly pension or lump sum. However, there are still qualifications to be met; age is not solely the determining factor for a member to avail of this benefit. The qualifications are as follows:
- Member is 60 years old, separated from employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement.
- Member is 65 years old, whether employed or not, and has paid at least 120 monthly contributions prior to the semester of retirement.
- Underground Mineworkers:
- Aged 55 years old and is an underground mine worker for at least 5 years (either continuous or accumulated) prior to the semester of retirement but whose actual date of retirement is not earlier than March 13, 1998; separated from employment or has ceased self-employment; and has paid at least 120 monthly contributions prior to the semester of retirement.
- Aged 60 years old, whether employed or not, and has paid at least 120 monthly contributions prior to the semester of retirement.
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