Guide on GSIS Retirement Benefits & Eligibility Criteria for Retirees under P.D. 1146
GSIS RETIREMENT BENEFITS – Here are the benefits for the pensioners under the Presidential Decree 1146 and the qualifications.
Are you one of the members of the Government Service Insurance System? A state-run social insurance institution, the GSIS has millions of members across the nation as there are several Filipinos employed in the government.
The GSIS membership is mostly composed of individuals who are previously and currently working in the government. Every month, they post a monthly savings based on the rate intended for their salary.
Regularly posting monthly contributions is the way to keep an active and updated account to state-run social insurance agency. It is also the way to get to the much-awaited Retirement Benefit when old age comes.
The Government Service Insurance System has several benefit offers for the members. Here are those benefit offers that members may avail:
- GSIS Unemployment Benefit 2023
- GSIS Disability Benefit 2023
- GSIS Funeral Benefit 2023
- GSIS Survivorship Benefit 2023
- GSIS Retirement Benefit 2023
With regards to the much-awaited GSIS Retirement Benefit, there are several programs that a retiring member may choose from. One of them is the Presidential Decree 1146.
Eligibility Criteria under P.D. 1146. The GSIS has set two (2) qualifications under this retirement program such as the following:
- must have rendered at least 15 years of service and must at least be 60 years old upon retirement
- last 3 years of service prior to retirement must be continuous and your employment status is permanent
GSIS Retirement Benefits under P.D. 1146. According to GSIS, the retiring member is entitled to any of the following benefits:
Pension
A retiring GSIS member may choose from the two (2) options provided by the state-run social insurance agency such as the following:
- Option 1 — 5-Year Lump Sum or the total amount to be received within the 5-year guaranteed period
- Option 2 — Immediate Pension or the old-age pension
Cash Payment computed as (AMC) (TLS).
There are documentary requirements that a retiring member must submit to GSIS for the processing of the benefit. Here are the documents needed:
- duly-accomplished application form for Retirement/Separation/Life Insurance Benefit
- Service Record with Leave without Pay (LWOP) certification (indicating specific time and dates of LWOP)
- Declaration of Pendency/ Non-Pendency of Case (DPNPC) form (date administered/ notarized should be on or after receipt of notification from GSIS
The other Retirement Benefit programs of the GSIS may require a different list of documentary requirements for GSIS Retirement Benefit claim application.