Republic Act No. 4537: An act authorizing the establishment of a provident fund in government-owned or controlled banking institutions

In plain language

The act establishes a provident fund for government-owned or controlled banking institutions, requiring contributions from the banks and their employees, and authorizes the governing bodies to issue rules and regulations for its operation.

Establishment of a provident fund for government-owned or controlled banking institutions

Contributions required from both the banks and their officers or employees

Authority for governing bodies to issue rules and regulations

Act takes effect upon approval

Provident Fund

Banking

Government-Owned

Employee Benefits

Philippines

REPUBLIC ACT No. 4537

An Act Authorizing the Establishment of a Provident Fund in Government-Owned or Controlled Banking Institutions

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

The provisions of any existing law to the contrary notwithstanding, any government-owned or controlled banking institutions shall establish its own Provident Fund which shall consist of contributions made both by the bank and by its officers or employees to a common fund for the payment of benefits to such officers or employees of their heirs under such terms and conditions as its governing board may fix.

Section 2

In order to exercise the authority granted under this Act, the governing body of any government-owned or controlled banking institution mentioned in the next preceding paragraph is empowered to prepare and issue such rules and regulations as it may deem necessary to make effective the establishment and operation of a Provident Fund in such banking institution.

Section 3

This Act shall take effect upon its approval.

Approved: June 19, 1965.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.