Guide on GSIS Retirement Benefits for Members of the State Insurance Agency
GSIS Retirement Benefits – List of Retirement Benefit offers of the Government Service Insurance System (GSIS) for qualified members.
One of the social state insurance giants in the Philippines is the Government Service Insurance System or more popularly called GSIS. Millions of Pinoys who are working in the government or those who have worked in the public sector before are GSIS members.
The members of GSIS submit a certain amount as savings on a monthly basis. The amounts may vary depending on the monthly income of the member.
Members of GSIS may be entitled to several benefits and loans offered by the state-run social insurance institution. Undeniably, among all the benefits offered by the state-run social insurance institution, the one benefit that most members turn to is the Retirement Benefit.
Actually, there are several GSIS Retirement Benefits. These depends on certain factors and may have different features.
GSIS Retirement Benefits
1. Retirement Under Republic Act 8291 – The available choice includes a lump sum or cash payment with an immediate pension lasting for a period of five years.
2. Retirement Under Republic Act 660 or Magic 87 – Retired members can benefit from both a lifetime pension and annuity through the retirement program.
3. Retirement Under Republic Act 1616 – As per the GSIS, this program assures the reimbursement of premiums and gratuity payments from employers.
4. Retirement Under Presidential Decree 1146 – Only individuals who worked in public service between May 31, 1977, and June 24, 1997, are eligible for this retirement program. The program offers members the choice between receiving a cash payment or opting for a Basic Monthly Pension (BMP).
5. Retirement Under Republic Act 7699 or Portability Law – Members are granted the ability to combine their GSIS and SSS periods with paid premiums under this program, thereby granting them access to the benefits provided by both social insurance institutions.
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