What is the term for compensation given to a retiring employee under the Labor Code?

The term for compensation provided to a retiring employee under the Labor Code is "retirement pay." This reflects the specific legal framework that outlines the monetary benefits employees receive when they retire after completing a required length of service. Retirement pay is typically calculated based on the employee's final salary and the number of years of service, ensuring a smoother transition into retirement.

While end-of-service benefits, retirement benefits, and pensions may also pertain to employee compensation after leaving the workforce, they can encompass broader categories that include various forms of financial support or benefits. For instance, end-of-service benefits might be offered for employees leaving before retirement, and pensions are usually a type of retirement plan funded during the employee's working years.

Therefore, in the context of compensation defined strictly by the Labor Code for retiring employees, "retirement pay" is the most precise term.