GSIS Retirement Benefits under Each Program — A Guide for Retiring Members

Lists of GSIS Retirement Benefits under Each Program Offer

Here is a guide on the GSIS Retirement Benefits under each retirement program of the Government Service Insurance System.

Are you wondering about the GSIS Retirement Benefit of the Government Service Insurance System? You might be one of the thousands of Filipinos who are looking forward to a monthly pension when the time comes that you want to retire from work.

For GSIS members, there are actually several retirement programs that the members can choose from upon retirement. There are also different sets of GSIS retirement benefits under these programs.

Under the Republic Act 8291, a qualified GSIS member-retiree may choose from the following options:

OPTION 1: Lump sum and Old-Age Pension

  • 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 and Immediate Old-Age Pension

  • Cash Payment – equivalent to 18-month BMP payable upon retirement
  • Immediate BMP – payable for life from the date of retirement

If you want to retire under the Presidential Decree 1146, you can choose between a pension payment or cash payment. Under the former, there are two (2) sub-options the member-retiree can choose from.

OPTION 1: Pension Payment

  • Option 1.1 — 5-Year Lump Sum or the amount to be received within the 5-year guaranteed period.
  • Option 1.2 — Immediate Pension or the old-age pension that is computed as BMP = (0.025) (Revalued AMC) (TLS).

OPTION 2: Cash Payment

  • Seperation benefit computed as (AMC) (TLS)

At least 60 At least 3 but less than 15 years of PPP to be given immediately, Below 60 At least 3 but less than 15 years of PPP, to be given at age 60

Under the Republic Act 1616, the member-retiree is given the Gratuity Benefit which is equivalent to gratuity years multiplied by the highest salary received. This is payable by your last employer. Here is the computation of your gratuity years:

  • First 20 years of service — X1 Month
  • 21-30 years of service — X 1.5 months
  • In excess of 30 years of service — X 2 months

With regards to the GSIS Retirement Benefits under the Republic Act 660, the age of the retiring member is a prime factor.

63 and above

  • 5-year Lump Sum

Below 63 but at least 60

  • initial 3-year Lump Sum payable upon retirement
  • subsequent 2-year balance payable at age 63

Below 60

  • Monthly pension paid annually as lump sum
Requirements GSIS Retirement Benefit

There are documents that a GSIS member must prepare and submit to the state-run social insurance giant in filing for a claim. Meanwhile, the list is short thus the application is easy to push through.

Leave a Comment