GSIS TAKE-ALL BENEFIT – You can check the details below for the qualifications and the benefits under this retirement program of the Government Service Insurance System.
Among the many retirement programs offered by the GSIS, one of the social insurance giants in the Philippines, one of the usually-taken is the GSIS Take All Benefit or the Republic Act 1616. It best suits retirees who want to take a huge amount upon hitting their retirement.
GSIS Retirement Benefits under R.A. 1616 “Take All” & Qualifications
Guide on GSIS Retirement Benefits & Eligibility Criteria for Retirees under R.A. 1616
GSIS RETIREMENT BENEFITS – Here are the benefits for the pensioners under the Republic Act 1616 and the qualifications.
Are you one of the members of the Government Service Insurance System, more popularly called GSIS, who is looking forward to the Retirement Benefit? Undeniably, it is the benefit offer that members look forward to the most.
The GSIS Retirement Benefit is an assurance that you have something to turn to for financial assistance when old age comes. It is the return of working for at least a decade in the government and maintaing an active membership.
For a GSIS member to keep an active and updated account, premiums or monthly savings have to be continuously posted on a monthly basis. The total contributions is often part of the qualifications in availing a benefit offer.
The Government Service Insurance System actually has several benefit offers for its members. Here are the benefits that the 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 GSIS Retirement Benefit, there are several retirement program that a member may choose from. One of the programs in the list of choices is the Republic Act 1616 or also called the “Take All Benefit”.
Eligibility Criteria under Republic Act 1616. Under this retirement program, the Government Service Insurance System considers the following for the qualification of the member-retiree:
- must have entered government service before June 1, 1977
- must have rendered at least 20 years of service regardless of age and employment status
- last 3 years of service prior to retirement must be continuous, expect in cases of death, disability, or abolition of position due to reorganization
GSIS Retirement Benefits under R.A. 1616. With regards to the benefit under this program which is known as the “Take All Benefit”, the retiring member is entitled to receive the following:
- Gratuity Benefit which is equivalent to gratuity years multiplied by the highest salary received from the last employer. Here is a guide on the computation:
- First 20 years of service
- years of service multiplied by 1 month of highest salary received
- 21-30 years of service
- years of service multiplied by 1.5 month of highest salary received
- Excess of 30 years of service
- years of service multiplied by 2 months of highest salary received
- First 20 years of service
- Refund of retirement premiums composed of personal share with 3% interest per annum and government share without interest.
When applying to avail the GSIS retirement benefits, there are documents that you must submit to the state-run social insurance agency. Under the R.A. 1616, here are the documents required by the government 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 are choosing other programs like the GSIS retirement benefits under R.A. 8291 or the GSIS retirement benefits under P.D. 1146, there are other documentary requirements for GSIS Retirement Benefit claim application mandated by the government agency.