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Benefits and Privileges
RA 1616-Gratuity/Optional Retirement
Conditions : Must be in the gov’t 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 Gov’t Share without interest.
Must meet age & service requirement. LWOP not to exceed 1 yr. Last 3 yrs of service must be continuous. .RA 660-Annuity/Pension Retirement Conditions : Must be in the service before 06/01/77.
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 gov’t 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. Cash Payment = 18 X BMP immediately upon retirement. the following month BMP for life. 5 yrs Lump Sum after 5 yrs BMP for life 2. .
Separation Benefit (Voluntary ) 2 Types : 1. . @ age 60 BMP for life. 3 < 15 Cash Payment = 100 % AMC x YOS @ age 60. <60 15+ _ < 60 > = Cash Payment =18 X BMP imdt upon separation. = 2.
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 .
3. Temporary Total Disability (TTD) Arises when impairment of mental / physical can be rehabilitated to normal function w/ exhausted leave credits. Permanent Partial Disability (PPD) Arises when there is functional loss of any part of the body. .Disability Benefit (Non-Work Related ) 1. internal or external with exhausted leave credits. Permanent Total Disability ( PTD ) Arises when recovery from impairment is medically remote. 2.
00 to P100. . Effective 01/01/03 EC contribution increased from P30. Employer pays contribution. accident or death is work related.Employees Compensation (Work Related) Arises when injury .00/mo. sickness . no personal share.
amount of benefit .Funeral / Burial Benefit All active members and retirees are entitled P20.000.00 .
000.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 P100.00 .
Term of Payment : Monthly amortization shall be deducted from the Pensioner-Borrower’s 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 .
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 .Maturity of Loan : Automatically matures upon the death of the Pension-Borrower.
Loan Cancellation : Once loan is approved & proceeds have been released through check or through any other Mode of disbursement. . including all interest & other charges payable. the BP has no more option to cancel the loan but only to preterminate it.Loan Pre-termination : The loan may be pre-terminated during its term subject to the full payment of outstanding balance of the principal amount.
COMPULSORY LIFE INSURANCE BENEFITS .
Compulsory Life Insurance Benefits Maturity .a member separated from the service.upon maturity of the life insurance. value less be paid to any the Cash Surrender Value ( CSV ) . . the total face indebtedness shall member. retired or resigned prior maturity of the insurance may be paid cash value less any indebtedness.
Policy Loan . Disability .when a member is separated from the service due to PTD.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. The TFV shall be paid upon maturity. the premiums due and payable during the period of disability shall be deemed waived and considered paid. . as determined by GSIS.
Indebtedness Accident Death Benefit - . ADB = (TFV X 2 ) . the GSIS shall pay to the designated beneficiaries equally.when a member dies prior to the maturity of his insurance and during its continuance . Death Benefit .Indebtedness when the death of the member is accidental an additional amount equivalent to TFV of the regular policy. DB = TFV .
The benefit is given once a year every December. and every year thereafter. Dividend .granted to all GSIS members whose policy is enforced for two (2). .
of Mos.Privileges : Enhanced Salary Loan : Amount of Loan No. 6-8 Mos. . BMS 2 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. in Gov’t Service 1 Mo. 3–5 Mos.
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.Interest Payment : 12% per annum effective based on diminishing balance. 24. Repayment Period : The borrower shall have the option to repay the loan in 12.
.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.
Allows for the condonation of surcharges already incurred on accounts that are in arrears or in default. . 36 or 48 months. 2. 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.Two Major Features : 1.
Other Features : -There are no proceeds under the program -An arrear of one month qualifies for SLR -Only surcharges shall be condoned. -Interest rate is at 12% per annum -One time availment only . no part of the principal nor the interest shall be condoned.
payable in 2 yrs with 8%interest. P3. payable in 2 yrs with 8% interest. Calamity/Emergency Loan maybe availed by member in cases of calamity . Educational Loan 2-year vocational course .200.00 per semester for 2 yrs. .
4.OPTIONAL LIFE INSURANCES . 2. 3.Aggregate amount of Php500. Maturity 5. Old & above subject to medical exam 1.00 Non-Medical for UOLI & CEAP .51 yrs. Death Benefit CSV 6. Dividend Disability . ADB PL – 90% CV 7.000. Unlimited Optional Life Insurance (UOLI) Benefits : 1.
500.13 3.2. College Educational Assurance Plan (CEAP): .500.annual allowance . Hospitalization Insurance Plan (HIP) : .00/SPC .children from age 1 .00/ SPC Plan B – P9.reimbursement of hospital expenses only Plan A – P6.
No need of AGE and LENGTH OF SERVICE in determining amount of insurance coverage. .2003 .Effectivity Features: Insurance coverage is a yearly renewable term life insurance cover based on the member’s fixed monthly compensation.THE ENHANCED LIFE POLICY (ELP) August 01.
. 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.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 policy’s 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. .Benefits : Termination Value .
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 .