Guide on GSIS Retirement Benefits & Eligibility Criteria for Retirees under R.A. 8291
GSIS RETIREMENT BENEFITS – Here are the benefits for the pensioners under the Republic Act 8291 and the qualifications.
Millions of Filipinos are Government Service Insurance System or GSIS members. These individuals have worked or are currently working in the government which mandate a membership to the state-run social insurance institution.
To keep the account updated, members of the GSIS regularly post monthly savings. These are often automatically deducted from the monthly salary that the member-employee receives.
An active and updated GSIS members may qualify the member to several GSIS loans that members can turn to in times of financial needs. There are also several benefit offers that the state-run social insurance agency offers to its qualified members.
As mentioned, here are the benefits that the Government Service Insurance System members with qualified accounts may avail:
- GSIS Unemployment Benefit 2023
- GSIS Disability Benefit 2023
- GSIS Funeral Benefit 2023
- GSIS Survivorship Benefit 2023
- GSIS Retirement Benefit 2023
Under the Retirement Benefit, there are several programs that a retiring member may choose. One of them is the Republic Act 8291.
Eligibility Criteria under Republic Act 8291. There are two (2) qualifications set under this retirement benefit. To qualify, the GSIS retiree must:
- have rendered at least 15 years of service and must be at least 60 years old upon retirement
- not be permanent total disability pensioner
GSIS Retirement Benefits under R.A. 8291. There are two (2) options provided as benefits under this GSIS retirement program. You may choose between:
Option 1
- Lump Sum – equivalent to your 60-months (or 5 year) Old age basic monthly pension (BMP) payable at the time of retirement
- BPM – payable for life after the 5-year guaranteed period
Option 2
- Cash Payment – equivalent to 18-month BMP payable upon retirement
- Immediate BMP – payable for life from the date of retirement
There are documentary requirements that must be submitted to GSIS in applying for the retirement benefit under this program. 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
With regards to the other Retirement Benefit programs of the Government Service Insurance System, there are other documentary requirements for GSIS Retirement Benefit claim application mandated by the GSIS.