Guide on the GSIS Separation Benefit for Those Who Lost Work Prior to Retirement
GSIS SEPARATION BENEFIT – Here is a guide on how much a member of the Government Service Insurance System (GSIS) may receive under this benefit.
The Government Service Insurance System, more popularly called as GSIS, offers a wide range of benefits for its members. The members are employees of the government and the public sector.
Members of the GSIS remit a certain portion of their monthly salary to the social insurance institution. It serves as the monthly savings of the member and continuous remittance may qualify the member to several benefits.
One of the benefits offered by the social insurance institution is the GSIS Separation Benefit. It is different from the separation pay taken when one leaves his or her workplace after a period of time.
The said GSIS benefit is given to members who were separated from service before they will reach 60 years old or the retirement age. It may be given through a cash payment or a pension and a cash pension.
According to GSIS, the member must have been on the service for at least three (3) years to be eligible for the benefit. The amount to be received depends on the total employment years of the member.
Under the GSIS Separation Benefit, if the member has worked for at least three (3) years but not more than fifteen (15) years and is below 60 years old, he or she will get a “cash payment equivalent to 100%” of his or her average salary in the last three (3) years. It is for “every year of service payable upon reaching age 60”.
If the GSIS member has worked for at least 15 years and is below 60 years old upon the separation from work, a “cash payment equivalent to 18 times the Basic Monthly Pension” will be given upon the separation and a monthly pension starting when the member turns 60 years old.
Thank you for visiting our website. We hope we have helped you with regards to this matter. You may keep coming back for more informative guides.