Guide on GSIS Pension under the Republic Act No. 8291
GSIS PENSION – Here are the two (2) options of pensioners during their retirement under the Republic Act No. 8291.
In the Philippines, most people who are working in the government are usually members of the Government Service Insurance System or GSIS. It is state-run social insurance agency that offers several benefits and loan offers for its members.
Every month, the GSIS members submit a certain amount to the agency as contributions and they look forward to the Retirement Benefit. Under the said benefit, there are several options – one is a retirement under the Republic Act No. 8291.
Under the Republic Act No. 8291, the pensioners are given two (2) options under the Retirement Benefit. Here are two (2) options that you can choose from:
Option 1: 5-Year Lump Sum and Old Age Pension
If the member-pensioner opts to get this retirement scheme under the Republic Act No. 8291, he or she will get a five-year pension in advance which is equivalent to 60 months of Basic Monthly Pension (BMP) payable at the time that the pensioner retires. After five (5) years, the pensioner will start receiving the monthly pension.
Option 2: Cash Payment and Basic Monthly
Under the second option, the member-pensioner will get a cash payment that is equivalent to 18 times of the Basic Monthly Pension (BMP). The GSIS pensioner will receive it upon the retirement and a monthly pension for life will start immediately after the retirement date.
Aside from the said GSIS Retirement Benefit, the Government Service Insurance System (GSIS) has several other offers such as loans. You may visit – GSIS SALARY LOAN: How To Apply For Salary Loan to GSIS.
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You may also visit – GSIS ONLINE: Members Can Now View GSIS Records Online (eGSISMO)