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2.2 Pag-IBIG Benefits

This entitles employees to avail of a Housing Loan, Calamity Loan, and Multi-Purpose
Loans that aim to provide financial assistance to their needs. For a full list of Pag-IBIG benefits and
membership requirements, visit their website.

2.3 PhilHealth Benefits

Provides financial assistance for inpatient and outpatient hospitalization, as well as Z
Benefit Packages for patients undergoing prolonged hospitalization and expensive treatments
and suffering from Millennium Development Goal (MDG)-related illnesses.

Section 3 RETIREMENT PAY

The minimum retirement pay shall be equivalent to one-half (1/2) month salary for every
year of service, a fraction of at least six (6) months being considered as one (1) whole year.

For the purpose of computing retirement pay, “one-half month salary” shall include all of the
following:

1. Fifteen (15) days salary based on the latest salary rate;
2. Cash equivalent of five (5) days of service incentive leave;
3. One-twelfth (1/12 of the thirteenth-month pay.
(1/12 x 365/12 = .083 x 30.41 = 2.5)

Thus, “one-half month salary” is equivalent to 22.5 days.
The allowance received shall not be included in the computation of retirement pay.
Illustration: Minimum Retirement Pay = Daily Rate x 22.5 days x number of years in service

Note: Formula is provided by DOLE – Bureau of Working Conditions

Section 4 FACULTY DEVELOPMENT PROGRAM

ICC reinforces its commitment to the ongoing formation of faculty members. They are
given full or partial subsidy, subject to availability of funds, when attending trainings, seminars,
workshops, conventions, licensure board examination review and other learning and development
programs inside or outside the School.

Participation in this development program must be endorsed by the Principal and the
Level Coordinator to the School Director and duly approved by the School President.

Section 5 TUITION FEE SUBSIDY FOR ENROLLED EMPLOYEE’S CHILD OR CHILDREN

Employee who has rendered at least one year of service shall be granted discount on
tuition fees to their legitimate or legally adopted children up to a maximum of four (4) children. It
is up to the school owner to use their discretion in setting the percent discounts.

Upon deducting the discounts, the remaining tuition fee balance, miscellaneous fees and
books shall be paid in full through cash, cash installments or salary deduction.

Faculty Manual (BES and SHS) 2021ed.icc
Prepared by: AdminServQ Page 55