SOP Exhibits

Title:

Sample Computation of Gratuity Benefits Under RA 660

SOP Number : HR-PB36

Annex B

SAMPLE COMPUTATION OF GRATUITY BENEFITS

UNDER RA 660

I. Particulars

Name of Employee : Jorge Catalan
Date of Birth : 07-27-27
Date of Retirement : 01-27-93
Age of Retirement : 65-06-00

Credible Service Percentage :

Before 6/16/51 : ________ yrs x 1.2 % = _________ %
From 6/16/51 : 38.98739 yrs. x 2.0 % = 77975.78 % AMS (last 3 yrs)

T o t a l 38.98789 77.97578 P15,796 ======== ======= ======

II. Computation of Proceeds

Basic . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P 30.00

Add : (total SV %) (AMS) . (77.97578) (P15,796) = P 12,317.05 P12,347.05

Limits : (75% of AMS ) = P 11,847

(80% of AMS) = P 12,636.80

As actuarially adjusted to age 65 years

Monthly Annuity Due .. . . . . (1.24) x (P11,847) = (P14,690.28)

Converted to : Joint Life . . . ( ) x (P ) = (P ) P 12,636.80

Straight life . . . . ( ) x (P ) = (P )

Lump sum for First five/three years . . . . . . . . . . . . . . . . . . . . . . . .P . . . . . . .
Accrued Annuities from 1-27-93 to 1-26-98 (Five years Lump Sum Payment)

P 12,636.80 x 60 mos . . . . . . . P 758,208