Philippine GSIS Member Benefits
Being a member of the GSIS (Government Service Insurance System) is one the great rewards of working for the Philippine government. Benefits offer not only a sustainable retirement pension but members are also insured for their entire lifetime career.
GSIS benefits are complex. Pension benefit values compound monthly and annually. Simply put, private employers are no better than the government because in the private sector there is a risk of uncertain compensation. Bankrupt or not, the government will still back you up and will not disappear.
There are more options than ever regarding the pensions and lump sum amounts offered to retired members. GSIS benefits and programs have expanded beyond life insurance, loans, and retirements. The new GSIS ecard offers members easy access to their membership records, cash advances, and salary loans in one touch.
GSIS Benefits Covered Here
• Burial and Funeral
• Employment Compensation (EC)
• Life Insurance
GSIS Retirement Benefits
GSIS Retirement Benefit Options
GSIS retirement, or old-age pension, benefits are grouped into five categories. Members choose which retirement program suits them. The options are:
- R.A. 8291: The member chooses either a five-year lump sum or a cash payment with an instant pension.
- R.A. 660: Also known as “magic 87. Tthe retiree’s age plus years of service must add up 87.
- R.A. 1616: Member withdraws all GSIS premiums and receives gratuity payments from their employer at the same time.
- P.D. 1146: Only for members in government service after May 31, 1977, and before June 24, 1997. Qualified members choose between a basic monthly pension (BMP) and a cash payment.
- R.A. 7699: Also known as "Portability Law." For members whose creditable years of service do not qualify them for a retirement pension. Members can combine their SSS years of service together with GSIS years of service.
GSIS Separation and Burial Benefits, Part I
GSIS Survivorship Benefits
When a GSIS member or pensioner dies, all of their qualified beneficiaries are entitled to receive a lump sum amount or a monthly pension subject to the survivorship program policies and rules. Qualified beneficiaries include the pensioner’s surviving legal spouse (provided he/she has not remarried), dependent children under 21, and incapacitated children. If the pensioner was single, qualified beneficiaries would include their legal parents.
A monthly pension for surviving spouses amounts to 50% of the member's basic monthly pension. Each qualifying child is entitled to receive 10% of the BMP, up to a maximum of five children.
GSIS Separation and Burial Benefits, Part II
GSIS Burial and Funeral Benefits
In addition to Survivorship benefits, qualified beneficiaries are entitled to a P20,000 funeral benefit upon the member's death. Beneficiaries should submit the NSO death certificate, an affidavit of funeral expenses, an official receipt of the funeral expenses, and other supporting documents including the beneficiary's NSO marriage contract or birth certificate.
GSIS Separation and Burial Benefits, Part III
GSIS Separation Benefits
Even if a GSIS member leaves their job before the age of 60, they may be qualified to receive cash and monthly pension through the separation benefits program. A member in service for at least three but less than 15 years is eligible to receive a cash payment equivalent to 100% of their Average Monthly Compensation (AMC) for every year of service, payable when they reach the age 60. If they were in the service for at least 15 years, the cash payment benefit is equivalent to 18 times the Basic Monthly Pension, payable upon separation. The monthly pension for life begins at age 60 if the member is under 60 years of age at the time of separation.
GSIS Unemployment Benefit
When a permanent government employee who has paid the required 12 months integrated contributions separates from service, they are entitled to receive monthly cash payments equivalent to 50% of their average monthly compensation (AMC). The member receives the benefit for two to six months, dependent upon their years of service. There is a uniform schedule for this benefit coverage.
Do you know your GSIS benefits?
GSIS Disability Benefits
Disability benefits are for members who become disabled, injured, or impaired physically or mentally. Cash payments and monthly pensions depend upon the type of disability and the amount depends upon the member’s creditable service and average monthly compensation.
GSIS EC (Employees’ Compensation) Benefits
EC benefits are the employers contribution. Members have the option to receive cash income benefits for disability or death, medical, and related services for injury, sickness, and rehabilitation services. They are also eligible for monthly cash income benefits for permanent disability, provided they meet eligibility requirements.
GSIS Hospitalization Benefits
Members and their beneficiaries can use the member's GSIS ecard to receive discounts on fees for medical services at partner hospitals, including outpatient and emergency services, medicines, and professional fees for select physicians. In addition, members are eligible for:
- 50% if they use the medical equipment lent by the GSIS to the hospital;
- 40% if they undergo special diagnostic procedures;
- 35% for common procedures;
- 30% on hospital room rates;
- 10% on professional fees, including consultations.
GSIS Life Insurance
One of the best benefits of being a GSIS member is very inexpensive premiums for life insurance. Members are eligible for life enhanced, life endowed, personal, fire, vehicle, and other insurance policies with low premiums.
GSIS offers loans to all members and pensioners, including emergency loans, cash advances, housing loans, consolidated loans, and policy loans. Members can use their ecard to access the loan programs.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.