Company passed resolution abrogating the pension plan

Assignment Help Business Management

Reference no: EM133938023

Question

Before the war, the Phil. Long Distance Co. (PLDT) adopted a pension plan for its employees by virtue of which all employees who have reached the age of 50 years and who have rendered 20 years or more service may be retired with a pension. After the war, the Board of Directors of the Company passed a resolution abrogating the pension plan. Subsequently, sixty employees who were affected filed a complaint against the Company claiming monetary benefits under the pension plan. The Company interposed the following defenses:

1. That the obligation to pay a pension to the plaintiffs is subject to certain suspensive conditions, consequently such plaintiffs have no personality to ask for monetary benefits until after such conditions are fulfilled;

2. That even granting without admitting that they have, they are not entitled to such benefits until after the conditions are fulfilled; and

3. That war losses had extinguished the Company's obligation to proceed with the pension plan.

If you are the judge, how will you decide the case? Give your reason or argument for each defense of PLDT Company.

Reference no: EM133938023

Questions Cloud

Other than international environment law : Other than international environment law, what other areas of everyday life can be regulated to address the climate change challenge?

Uniform commercial code statute of frauds : Discuss whether the contract between Company X and Windows Bright is subject to the requirements of the Uniform Commercial Code Statute of Frauds.

Main business plan : Oscar always resisted the idea of serving refreshments in the nursery because it was not part of their main business plan.

Impossible for the company to continue to trade : Suggest ways to keep company running, if possible. If it is impossible for the company to continue to trade, then what are the options for closing down company

Company passed resolution abrogating the pension plan : After the war, the Board of Directors of the Company passed a resolution abrogating the pension plan.

What do you mean by company takeover : What do you mean by a 'company takeover'? What are the interests that the Corporations Act, 2001 (Cth.)

Company has retained the replaceable rules : If a company has retained the replaceable rules, its directors will have authority as to the issue of dividend.

Assume that parties proceeded to arbitration : Discuss any relevant rule(s) or principle(s) as to the role of Ralph as a member of the arbitration panel hearing the dispute between Jeff and Elkwood.

Articles of incorporation : BTS Corp. was incorporated during the year 2020. It was stated in their articles of incorporation that the entity will have a fixed term of 30 years.

User Account

All Pages