Section 3. Retirement. — The Labor Code of the Philippines is hereby further amended by adding a new Article 302-A to read.

"Art. 302-A. Retirement Age of Racehorse Jockeys. — A professional racehorse jockey who is duly licensed by the Philippine Racing Commission (PHILRACOM) shall be compulsorily retired upon reaching the age of fifty-fice (55) years and shall be entitled to all retirement benefits provided for under Article 302 of this Code: Provided, That he shall pay additional premiums to the Social Security System (SSS) as may be prescribed in the implementing rules and regulations of this Act.

"Nothing in this Article shall deprive any racehorse jockey of the benefits he is entitled to under existing laws, company policies or practices."