Section 7
SEC. 7. Paragraphs (a), (b) and (c) of section twelve of Republic Act Numbered Eleven hundred and sixty-one are hereby amended to read as follows: "SEC. 12. Retirement Benefits.— "(a) Upon retirement an employee shall be entitled to a pension credit for each year of membership between the date of coverage and the retirement age equivalent to one-half of one per cent of his average monthly compensation during such year of membership, which pension shall be paid to him as long as he lives but in no case for less than two years. The monthly pension at retirement age shall be the sum such yearly credits, with a minimum of twenty-five (P 25.00), provided he has been a member of the system for at least two years. "(b) During the re-employment of a retired employee annuity shall be suspended and he shall be subject pain to the provisions of section eighteen hereof, and employer to section nineteen, provided that such employee receives from his re-employment an average monthly compensation of not more than fifty (P50.00) pesos. "(c) On reaching the age of sixty years and after having rendered at least two years of service in an employment, a covered employee shall have the option to retire under this Act."