Section 51Part 7 — RETIREMENT AND RESIGNATION ALLOWANCES
Entitlement to retirement or resignation allowance
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An employee who — shall be paid by the employer, in addition to other entitlements, a retirement or resignation allowance, as the case may be, equal to one week's pay at the highest basic rate in the preceding one year, for each completed year of his employment with that employer.
attained the age of sixty years
has worked with his employer for one year or more
voluntarily retires or resigns from employment
For the avoidance of doubt, the word "voluntarily" as used in subsection (1) also applies to resignation or retirement due to ill-health or on the recommendation of a medical doctor.
A part-time employee's retirement or resignation allowance shall be calculated on a pro-rata basis.
An employer who is required to pay retirement or resignation allowance may offset the amount of the allowance by any pension plan contributions made by him to the pension plan of the employee concerned.
An employer who contravenes subsection (1) is guilty of an offence.