List of GSIS Retirement Programs for Retiring Members
GSIS RETIREMENT PROGRAMS – Here are the options of the retiring members of the Government Service Insurance System.
Are you one of the millions of members of the Government Service Insurance System in the Philippines? More popularly called GSIS, a membership to this state-run social insurance giant is mandated among the employees of the government.
The GSIS has several loans and benefits that the members can turn to. It has crafted offers to assist its members in times of disability, separation from work, calamity, and even death.
Among its benefits, the one that seems to be the goal for regularly posting contributions is the GSIS Retirement Benefit. It is an assurance that a member will not be left with nothing in terms of finances after retiring from work. There are several GSIS retirement programs that the retirees can choose from.
Republic Act 8291
Under the Republic Act 8291, eligibile pensioners are those who have rendered at least 15 years of service and must be at least 60 years old upon retirement. The member must also not be a permanent total disability pensioner.
With regards to the GSIS Retirement Benefits under the R.A. 8291, the retirees are given two (2) options — lump sum and BPM (Basic Monthly Pension) or cash payment and immediate BMP.
Presidential Decree 1146
Under the P.D. 1146, the GSIS retirement benefits may choose a pension which can be immediately paid or under a five-year lump sum or pick the cash payment which is the product of the Average Monthly Compensation (AMC) and the Total Length of Service (TLS). It is open for retirees who meet the following qualifications:
- has 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
Republic Act 660
Also one of the GSIS Retirement Programs is the R.A. 660 or also called the Magic 87. It is open for a retiring member who meet 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
The GSIS retirement benefits under the R.A. 660 depend on the age of the retiree.
Republic Act 1616
Also called the GSIS Take All Benefit, the GSIS retirement benefits under the R.A. 1616 include the gratuity benefit and a refund of the retirement premiums. It is open for members who meet the following criteria:
- 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
Portability Law
The GSIS Portability Law or the Republic Act 7699 is the retirement program for retirees who have not reached the required number of posted contributions under the other GSIS retirement programs. Under it, the member will get a total of his/her contributions and those paid by his/her employer.