Guide on GSIS Retirement Benefits & Eligibility Criteria for Retirees under R.A. 660
GSIS RETIREMENT BENEFITS – Here are the benefits for the pensioners under the Republic Act 660 (Magic 87) and the qualifications.
In the Philippines, millions of Filipinos are members of the Government Service Insurance System. More popularly called GSIS, it is one of the giant social insurance institutions in the country.
The GSIS member populace are mostly composed of individuals who have worked in the government and those who are currently employed in the government. A GSIS membership is mandated from government employees.
A membership to the state-run social insurance institutions may qualify a member to the loans and benefits it offers. There are several benefit offers that can assist a member in times of job loss, disability, and even death.
As mentioned, the Government Service Insurance System has several benefits for its members. Here are the offers that the GSIS members may avail:
- GSIS Unemployment Benefit 2023
- GSIS Disability Benefit 2023
- GSIS Funeral Benefit 2023
- GSIS Survivorship Benefit 2023
- GSIS Retirement Benefit 2023
The GSIS Retirement Benefit is undeniably the benefit offer that members look forward to the most. Under it, there are several retirement programs including the Republic Act 660 or the Magic 87.
Eligibility Criteria under Republic Act 660. The GSIS has set four (4) qualifications for eligibility to this retirement program. To qualify, the member-retiree must comply the following eligibility criteria:
- must have entered government service before June 1, 1977
- appointment status must be permanent
- last 3 years of service prior to retirement must be continuous, except in cases of death, disability, or abolition of position due to reorganization
- must be at least 52 years old and meet the corresponding years of service (YOS) required for eligibility
GSIS Retirement Benefits under R.A. 660. Under this retirement program, the benefit for the retiring member depends on his/her age with the following basis:
- 63 and above
- 5-year Lump Sum
- Below 63 but at least 60
- initial 3-year Lump Sum payable upon retirement
- subsequent 2-year balance payable at age 63
- Below 60
- monthly pension paid annually
To file a claim for the GSIS Retirement benefits under this retirement program, here are the documents that the retiring member must submit to the state-run social insurance agency:
- 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
If you prefer other programs, there are different benefits just like the GSIS retirement benefits under R.A. 8291, the GSIS retirement benefits under P.D. 1146, and the GSIS Retirement Benefits under R.A. 1616. You need to prepare a different list of requirements for GSIS Retirement Benefit claim application.