How to write eligibility Fast Formula?

Summary:

I don't understand why this code doesn't work.

Content (required):

I'm still learning about Fast Formulas so the question may be trivial but I cannot figure out why this simple condition doesn't work.

My goal is to set eligibility of a person by looking at his/her contract type.

Any idea?

PS: if I set "ELIGIBLE = 'Y'" at the beginning of the code, the person is correctly set to Eligible so the problem must be somewhere in the code.

Version (include the version you are using, if applicable):

23B

Code Snippet (add any code snippets that support your topic, if applicable):