Details about the GSIS Retirement Benefits under Portability Law
GSIS RETIREMENT BENEFITS – Here are the features and what retirees will get under the Portability Law and the requirements.
Although it has always been said to forget the past, live the present, and do not worry about the future, one of the most responsible things you can do is to make sure that you live the present with a part of it making sure you are preparing for the future. This is why a lot of people want to secure their life when retirement comes.
In the Philippines, one of the best preparations for the future is to regularly post monthly contributions to social insurance institutions in the pursuit of a retirement benefit. One of these is the Government Service Insurance System, more popularly called GSIS.
The GSIS is one of the social insurance giants in the Philippines. Most of its members are employees of the government. It has benefits and loan offers for its members who have qualified accounts. The benefits are the offers members can turn to in times of involuntary separation from work, disability, old age, etc. They come with different sets of requirements.
- GSIS Disability Benefit Requirements
- GSIS Unemployment Benefit Requirements
- GSIS Funeral Benefit Requirements
- GSIS Separation Benefit Requirements
- GSIS Sickness Benefit Requirements
- GSIS Death Benefit Requirements
- GSIS Retirement Benefit Requirements
With regards to the GSIS Retirement Benefit, its requirements will depend on your choice of Retirement Program. There are five (5) programs offered. Even if you have not met the required number of contributions for a retirement benefit, you may turn to the Republic Act No. 7699 or more popularly called the Portability Law.
Repulic Act No. 7699 or the Portability Law
The Republic Act No. 7699 is open for retiring members of the Government Service Insurance System who are at not entitled for the pension benefit from either or both the GSIS and/or the Social Security System (SSS) because of failure to meet the requirement period of service or number of contributions.
Specifically, the Portability Law benefits social insurance institution members who have less than 120 months of SS contributions or less than 180 months of creditable government service (GSIS) at the time of retirement.
Under this retirement program, the GSIS retirement benefits of the member is the totalization of his/her contributions and those premiums paid by his/her empoloyer. It must be proportionate to the services that the retiring member has rendered.
Here are the documentary requirements in applying for the GSIS Retirement Benefit under the Portability Law:
- duly-accomplished application form for Retirement benefit under RA 7669
- Certification of GSIS premium contributions indicating number and inclusive months of contributions signed by authorized GSIS Officer
- 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
There are different GSIS retirement benefits under the Republic Act 1616 and the GSIS retirement benefits under the Presidential Decree 1146. There are also different GSIS Retirement Benefits under Republic Act 660 as well as its own list of the GSIS Retirement Benefits under Republic Act 8291.
