Details about the GSIS Retirement Benefits under R.A. 1616
GSIS RETIREMENT BENEFITS – Here are the features and what retirees will get under the Republic Act 1616 and the requirements.
In the Philippines, millions of Filipinos are members of the Government Service Insurance System. More popularly called GSIS, its members are previous and current workers in the government. A membership to the state-run social insurance institution is a mandate for government employees.
Are you one of the members of the GSIS? The members regularly submit a monthly contribution to keep an active and updated account. It is automatically deducted through payroll deduction. An updated account to the state-run social insurance agency may qualify a member to the benefits offered by the state entity.
As mentioned, there are several benefits offered by GSIS to its qualified members. The requirements in filing for a claim for these benefit offers vary depending on the benefit. Here is a guide:
- 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 requirements under the GSIS Retirement Benefits, it depends on the retirement program that you have chosen. One of the options is the Republic Act 1616 or also called the “Take All Benefit”.
Republic Act 1616
The Republic Act 1616 is also called as the “Take All” Benefit. A member-retiree may choose the said retirement program if he/she complies with the following eligibility requirements:
- has entered government service before June 1, 1977
- has rendered at least 20 years of service regardless of age and employment status
- the last 3 years of service prior to retirement must be continuous, expect in cases of death, disability, or abolition of position due to reorganization
With regards to the GSIS Retirement Benefits under the Republic Act 1616, the member-retiree will get a gratuity benefit and a refund of the retirement premiums. The former depends is equivalent to the gratuity years multiplied by the highest salary received from the last employer.
- 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
With regards to the refund of the retirement premiums, the personal share is increased by a 3% interest rate per annum. The government share has no interest. To avail the said GSIS retirement benefits, there are documents that you need to submit to GSIS such as the following:
- 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