GSIS

Benefits and Privileges

RETIREMENT

RA 1616-Gratuity/Optional Retirement
Conditions : Must be in the govt service before June 1, 1977 Last 3 yrs. of service must be continuous LWOP must not exceed 1 yr. With at least 20 yrs of service regardless of age

Example:
TCS = 35 YRS
20 X 1 month = 20 10 X 1.5 months = 15 5 X 2 months = 10 45 (Gratuity Months) X HSR*

Gratuity Pay
Payable and computed by last employer subject to availability of funds.
* Highest Salary Received

GSIS Refund of all retirement contributions

Personal Share with interest

Govt Share without interest.

RA 660-Annuity/Pension Retirement
Conditions : Must be in the service before 06/01/77. Last 3 yrs of service must be continuous. LWOP not to exceed 1 yr. Must meet age & service requirement.

BMP = 75% AMS

BMP = 80% AMS

AGE: 52 53 54 55 56 57 58 59 60 61 62 63 64 65 SVC: 35 34 33 32 31 30 28 26 24 22 20 18 16 15
BMP for Life 3 Yr Lump Sum
2 Yr Lump Sum 5 Yr Lump Sum after 5 years from date of retirement, BMP for life

RA 8291 (Effective 06/24/97 )

Conditions : Those who entered the govt service on or after 6/01/77 Last 3 yrs of service need not be continuous With at least 15 yrs service Must be 60 yrs old Not receiving BMP under PTD

BMP = 90% AMC

2 Options:
1. 5 yrs Lump Sum after 5 yrs BMP for life

2. Cash Payment = 18 X BMP immediately upon retirement, the following month BMP for life.

Separation Benefit (Voluntary )

2 Types :
1. <60 15+
_ < 60 > = Cash Payment =18 X BMP

imdt upon separation, @ age 60 BMP for life.

=

2.

3 < 15

Cash Payment = 100 % AMC x YOS @ age 60.

Unemployment Benefit ( Involuntary)

Permanent Status at the time of unemployment w/ at least 1 yr. correct premium contributions. MCP = 50 % AMC
YOS
1<3 3<6 6<9 9 < 11 11 < 15

Duration of Benefit
2 Months 3 Months 4 Months 5 Months 6 Months

Survivorship Benefit
BMP = BSP 50 % Legal Spouse 50 % Dependent Children
Prescriptive period of filing within four (4) years from death of member or pensioner

Disability Benefit (Non-Work Related )

1. Permanent Total Disability ( PTD ) Arises when recovery from impairment is medically remote. 2. Permanent Partial Disability (PPD) Arises when there is functional loss of any part of the body, internal or external with exhausted leave credits. 3. Temporary Total Disability (TTD) Arises when impairment of mental / physical can be rehabilitated to normal function w/ exhausted leave credits.

Employees Compensation (Work Related)

Arises when injury , sickness ,
accident or death is work related.

Employer pays contribution, no personal share. Effective 01/01/03 EC contribution increased from P30.00 to P100.00/mo.

Funeral / Burial Benefit

All active members and retirees are entitled P20,000.00 - amount of benefit

PENSION LOAN
Eligibility Requirements :
Old-age or disability pensioner who has no outstanding stock purchase loan

Amount of Loan :
Up to 6 months of monthly old-age or disability pension but not more than P100,000.00

Term of Payment :
Monthly amortization shall be deducted from the Pensioner-Borrowers monthly pension payable within the term selected which may be either one (1) or two (2) years.

Interest Rate :
8% per annum computed in advance

Maturity of Loan :
Automatically matures upon the death of the Pension-Borrower. The entire principal amount of the loan including all interest and other charges shall be due and payable w/o the need of demand or further notice.

Renewal of Loan :
Only after the end of the chosen term by the Pension-Borrower

Loan Pre-termination :
The loan may be pre-terminated during its term subject to the full payment of outstanding balance of the principal amount, including all interest & other charges payable.

Loan Cancellation :
Once loan is approved & proceeds have been released through check or through any other Mode of disbursement, the BP has no more option to cancel the loan but only to preterminate it.

COMPULSORY LIFE INSURANCE BENEFITS

Compulsory Life Insurance Benefits

Maturity - upon maturity of the life insurance,
the total face indebtedness shall member. value less be paid to any the

Cash Surrender Value ( CSV ) - a member

separated from the service, retired or resigned prior maturity of the insurance may be paid cash value less any indebtedness.

 Policy Loan

- a member who has been

insured for at least one (1) yr may be granted a policy loan equivalent to 50% of the cash value.

Disability - when a member is separated

from the service due to PTD, as determined by GSIS, the premiums due and payable during the period of disability shall be deemed waived and considered paid. The TFV shall be paid upon maturity.

 Death Benefit - when

a member dies prior to the maturity of his insurance and during its continuance , the GSIS shall pay to the designated beneficiaries equally. DB = TFV - Indebtedness when the death of the member is accidental an additional amount equivalent to TFV of the regular policy. ADB = (TFV X 2 ) - Indebtedness

Accident Death Benefit

 Dividend - granted to all GSIS members whose policy is enforced for two (2). The benefit is given once a year every December, and every year thereafter.

Privileges :
Enhanced Salary Loan :
Amount of Loan No. of Mos. in Govt Service 1 Mo. BMS 2 Mos. 35 Mos. 6-8 Mos. BMS BMS BMS

20

40

60

120

Renewal of Loan :
The loan may be renewed anytime for as long as there are net proceeds.

Interest Payment :
12% per annum effective based on diminishing balance.

Repayment Period :
The borrower shall have the option to repay the loan in 12, 24, 36 or 48 mos which should be indicated in the application , failure to specify the repayment term shall be interpreted as a preference to pay in 48 mos.

Salary Loan Restructuring Program (SLRP)

Purpose : to give members who have arrearages in their salary loan account the opportunity to update or put said accounts in current status.

Two Major Features :

1. Allows for the condonation of surcharges already incurred on accounts that are in arrears or in default. The remaining outstanding balance on the principal and the interest thereon after the surcharges have been dropped is restructured over a repayment period of 24, 36 or 48 months.

2.

Other Features :
-There are no proceeds under the program -An arrear of one month qualifies for SLR -Only surcharges shall be condoned, no part of the principal nor the interest shall be condoned. -Interest rate is at 12% per annum -One time availment only

 Calamity/Emergency Loan
maybe availed by member in cases of calamity , payable in 2 yrs with 8% interest.

Educational Loan
2-year vocational course , payable in 2 yrs with 8%interest. P3,200.00 per semester for 2 yrs.

OPTIONAL LIFE INSURANCES

- Aggregate amount of Php500,000.00 Non-Medical for UOLI & CEAP - 51 yrs. Old & above subject to medical exam

1. Unlimited Optional Life Insurance (UOLI)

Benefits : 1. 2. 3. 4. Maturity 5. Death Benefit CSV 6. ADB PL 90% CV 7. Dividend Disability

2. College Educational Assurance Plan (CEAP):

- annual allowance - children from age 1 - 13

3. Hospitalization Insurance Plan (HIP) :

- reimbursement of hospital expenses only

Plan A P6,500.00/ SPC Plan B P9,500.00/SPC

THE ENHANCED LIFE POLICY (ELP) August 01,2003 - Effectivity

Features: Insurance coverage is a yearly renewable term life insurance cover based on the members fixed monthly compensation. No need of AGE and LENGTH OF SERVICE in determining amount of insurance coverage.

Cash Value in the form of Termination Value, yearly cash dividends and a Policy Loan of up to 90% of accumulated TV. Automatic Premium Loan facility secured against the policys termination value. In case ELP lapsed due to non-payment of premiums, it may be automatically reinstated without the need of issuing a new policy in case the policyholder resumes payment.

Benefits

Termination Value - Equivalent to 25% of every monthly life insurance premiums due & paid in full.

Death Benefit Based on the last monthly salary of the policyholder to which salary the corresponding life insurance premiums were paid and remitted to the GSIS as of the date of death of the policy holder.

Annual Dividends Based accumulated termination value of the policy in relation to the total earnings of the entire ELP fund of the GSIS.

Thank You & Have a nice day