Transitory Provisions.
Section 15
SEC. 15. Transitory Provisions. – Upon approval of this Act, the officers and employees of the Philippine Cotton Corporation (PCC) and the Cotton Research and Development Institute (CRDI) shall continue to serve in a hold-over capacity, perform their respective duties and responsibilities, and receive the corresponding salaries and benefits, until a new staffing pattern shall have been approved by the Governing Board. The new position structure and staffing pattern of CODA shall be approved and implemented by the Governing Board within one hundred twenty (120) days from the approval of this Act, and the authorized positions created there under shall be filled with regular appointments by the Board or by the Administrator, as the case may be. Those incumbents whose positions are not included therein or are not reappointed shall be paid retirement or separation benefits equivalent to one and one fourth (1 1/4) month basic salary for every year of their respective government service or the nearest equivalent fraction thereof favorable to them on the basis of the highest salary which they respectively received in the course of their employment in the government: Provided, That in no case shall the benefit to be paid to any official or employee be less than Ten thousand pesos (P10,000): Provided, further, That any official or employee who has previously been found guilty in an administrative proceeding and whose rank or salary has been reduced shall be paid on the basis of his last salary. In addition to the benefits herein authorized, the covered officials and employees shall be entitled to the return of GSIS personnel contributions pertaining to the retirement only and the payment of the corresponding share of the Government with the interest earned pursuant to existing rules and regulations of the Government Service Insurance System. They shall likewise be entitled to the commutation of unused vacation and sick leaves in accordance with existing rules and regulations: Provided, That those who retire after rendering government services for thirty-one (31) years or more and avail themselves of the incentive benefits provided in this Act shall be entitled to an additional ten percent (10%) of the amount corresponding to what they receive from thirty-first year onward. The application for retirement or voluntary separation shall be accepted unless the services of the applicant shall be deemed necessary.