List of Programs Under the GSIS Retirement Benefit
GSIS RETIREMENT BENEFIT – Here is a list of the Government Service Insurance System retirement programs.
The social insurance institution that offers benefits to employees of the government agencies and public sectors in the Philippines is the Government Service Insurance System or GSIS.
To be able to avail for their benefit offers, an employee of a government agency or public sector should apply for membership and pay for the GSIS monthly contribution.
With regards to its benefits, the GSIS offers life insurance, retirement, separation from work prior to retirement age, unemployment, disability, survivorship, funeral, and employee’s compensation benefits.
Under the GSIS Retirement Benefit, the social insurance institution offers several kinds of retirement programs.
Based on the official website of GSIS, here is a list of the programs under the said benefit:
1. Retirement Under Republic Act 8291 – It offers five-year lump sum or cash payment with instant pension.
2. Retirement Under Republic Act 660 or Magic 87 – This retirement program offers both lifetime pension and annuity to the retired member.
3. Retirement Under Republic Act 1616 – According to GSIS, this program provide refund of the premiums and gratuity payment from employers.
4. Retirement Under Presidential Decree 1146 – This retirement program is open only for those who have worked in public service after May 31, 1977 but before June 24, 1997. The member may choose between cash payment or Basic Monthly Pension (BMP).
5. Retirement Under Republic Act 7699 or Portability Law – Under this program, the GSIS and SSS periods with paid premiums are combined for member to avail the programs of both social insurance institution.
For further inquiries on the said programs, you may visit the official website of the GSIS – https://www.gsis.gov.ph.
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