Details about the GSIS Retirement Benefits under R.A. 8291
GSIS RETIREMENT BENEFITS – Here are the features and what retirees will get under the Republic Act 8291 and the requirements.
Most of the individuals in the Philippines are members of either the Government Service Insurance System, more popularly called GSIS, or the Social Security System or SSS. The two (2) are state-run social insurance institutions. With regards to GSIS, most of its members are former and current employees of the government.
Most of the GSIS members are looking forward to their Retirement Benefits thus they give their best to keep their accounts active and updated. It is through regularly posting monthly savings to their GSIS accounts. Actually, there are a lot of benefits that the state-run social insurance agencies offer to its members.
Members of GSIS who have active and updated accounts may turn to the benefits offered by the state-run social insurance agency in times of sickness, unemployment, separation from service, disability, and a lot more. It has set different requirements in applying for each benefit offer.
- 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
Under the GSIS Retirement Benefit, the requirements vary depending on the type of retirement program that you will pick. Each program also has its own unique set of benefits and eligibility requirements for qualification.
One of the retirement programs is the Republic Act No. 8291. Here are the GSIS retirement benefits under this retirement program:
Repulic Act No. 8291
The Republic Act No. 8291 is open for retiring members of the Government Service Insurance System who are at least 60 years old and have rendered at least 15 years of service. The retiring member must not be a permanent total disability pensioner.
Under this retirement program, the retiree may pick between the two (2) options provided by the Government Service Insurance System under its Republic Act No. 8291:
Option 1
- Lump Sum – equivalent to your 60-months (or 5 year) Old age basic monthly pension (BMP) payable at the time of retirement
- BPM – payable for life after the 5-year guaranteed period
Option 2
- Cash Payment – equivalent to 18-month BMP payable upon retirement
- Immediate BMP – payable for life from the date of retirement
There are documents that you need to submit in applying for the GSIS Retirement Benefit. Under the Republic Act No. 8291, here are the documents required by the state-run social insurance agency for submission:
- 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
There are different GSIS retirement benefits under the Republic Act 1616 and the GSIS retirement benefits under the Presidential Decree 1146.