G S I S Benefits and Privileges

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G S I S Benefits and Privileges
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RETIREMENT
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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

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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
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GSIS Refund of all retirement contributions

• Personal Share with interest
• Govt Share without interest.

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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.

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BMP 80 AMS
BMP 75 AMS

BMP for Life



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
3 Yr Lump Sum
2 Yr Lump Sum
5 Yr Lump Sum
after 5 years from date of retirement, BMP for
life
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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

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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.
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Separation Benefit (Voluntary )

• 2 Types

lt60
Cash Payment 18 X BMP imdt upon
separation, _at_ age 60 BMP for life.
1.
15
_
lt
60
2.
gt
Cash Payment 100 AMC x YOS _at_
age 60.

3 lt 15
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Unemployment Benefit ( Involuntary)

• Permanent Status at the time of unemployment w/
  at least 1 yr. correct premium contributions.
  MCP 50 AMC
• YOS Duration of Benefit
• 1 lt 3 2 Months
• 3 lt 6 3 Months
• 6 lt 9 4 Months
• 9 lt 11 5 Months
• 11 lt 15 6 Months

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Survivorship Benefit

• BMP BSP
• 50 Legal Spouse
• 50 Dependent Children

Prescriptive period of filing within four (4)
years from death of member or pensioner
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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.

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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.

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Funeral / Burial Benefit

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

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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
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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
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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
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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
pre-terminate it.
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COMPULSORY LIFE INSURANCE BENEFITS
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Compulsory Life Insurance Benefits

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

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• 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.

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• 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
• Accident Death Benefit - when the death of
  the member is accidental an additional
  amount equivalent to TFV of the regular
  policy.
• ADB (TFV X 2 ) - Indebtedness

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• 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.

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Privileges
Enhanced Salary Loan

Renewal of Loan The loan may be renewed
anytime for as long as there are net proceeds.
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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.
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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.
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Two Major Features
1. Allows for the condonation of surcharges
already incurred on accounts that are in arrears
or in default.
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, 36 or 48 months.
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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

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• 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 8interest. P3,200.00 per semester
  for 2 yrs.

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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. Maturity 5.
Death Benefit 2. CSV
6. ADB 3. PL
90 CV 7. Dividend 4.
Disability
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2. College Educational Assurance Plan (CEAP)
- annual allowance -
children from age 1 - 13

• Hospitalization Insurance Plan (HIP) -
  reimbursement of hospital
• expenses only
• Plan A P6,500.00/ SPC
• Plan B P9,500.00/SPC
  

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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.
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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.
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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.
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Annual Dividends Based accumulated termination
value of the policy in relation to the total
earnings of the entire ELP fund of the GSIS.
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Thank You Have a nice day