Who is entitled to this compensation?

Private sector employees who have contributed to various pension funds can get a retirement bonus. Also known as retirement compensation, this bonus is paid by an employer to any employee who exercises their retirement rights. However, to avail it, you must tick certain conditions.

It should be noted that not all people working in the private sector are entitled to this bonus. In particular, you must meet certain criteria to become one of the rights holders. First, all your quarters must be paid and you must have reached the legal age to pay your pension. That said, certain cases may be exceptions to this rule. We’re talking specifically about hard work, long careers, and compensation tied to disability.

Second, the employee should take the initiative in formulating a basic retirement as well as supplementary request. In other words, he should not request retirement at the request of the employer. If a prospective retiree is forced to request a departure to comply with the wishes of his boss, he will not be entitled to a departure bonus, but will be entitled to certain retirement compensation. It should be noted that in certain cases, the company may enter into certain agreements which may be more beneficial to the employee. In this case, this compensation will correspond to legal severance pay.

Seniority, an important factor for getting retirement bonus

Third, you must have at least 10 years of seniority in the company to qualify for the bonus. The former is also a condition that either increases or decreases the amount of this compensation.

In detail, for those under 10 to 15 years of age, the compensation amount is equivalent to at least 15 days’ salary. Under 15 to 20 years of age, the amount corresponds to 1 month salary. For employees with less than 20 to 30 years of seniority, they get the equivalent of one-and-a-half months’ salary. It should also be noted that artisans and tradesmen belonging to the Self-Employed Pension Fund are subject to different pay systems.