Retirement benefits of government employees are coveredby ra 8291, otherwise known as the government service insurance act of 1997. Under ra 1616 refund of premiums see back portion of this form for. Government service insurance system highlights of 2016. Under ra 1616 refund of premiums see back portion of this form for eligibility requirements and conditions for retirement for the information of the system, i. The law was signed by the president of the philippines, fidel v.
Fourteenth congress of the republic of the philiphpines 7 jk. Retirement under ra 8291 fiveyear lump sum or service and must be at least 60 cash payment with years of age upon instant pensionchoose retirement. Republic act 8291 gsis act of 1997 effective june 24, 1997. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Lump sum of 60 x bmp, and bmp after 5 years option 2. Taking a retirement benefit may affect eligibility for disability benefits. Return by the gsis of the national governments share in the retirement premiums of personnel who cannot avail of ra 660 or ra 8291. Nearly 350,000 pensioners to get festive cash gifts. The last of the five types of retirement comes from tim ferriss 2007 bestseller, the 4hour workweek. Macasaet, who was appointed last year by president rodrigo duterte, revealed that entitled to receive the cash gift are pensioners under republic. Also, they must not be permanent total disability pensioners. You must have rendered at least 15 years of service and must be at least 60 years old upon retirement. Ensure that the application form is properly filled out and submit duly accomplished application form to the nearest gsishandling office.
Retirement and for other purposes, as amended, payable by the last employer of the affected personnel, plus the refund of retirement premiums payable by the government service insurance system gsis, without the incentive herein provided. His election of a mode of retirement precludes him from retiring under other retirement laws. The board shall adopt the proper rules and procedures for the implementation of this provision. Why not take the usual 2030year retirement and redistribute it throughout life instead of saving it all for the end. A retiree who at the time of his retirement was of pensionable age under ra 8291 but who opted to retire under ra 1616.
Attitudes of government employees towards early retirement. Ra 8291 or the gsis act of 1997 eligibility at least 15 years of service at least 60 years old upon retirement not a permanent total disability pensioner retired on or after june 24, 1997 two options. Unless separated for cause, a member separated from theservice prior to qualification for retirement benefits shallcontinue to be a member and shall be entitled to benefits thatprovide for contingencies separation, disability and deathunder ra 8291, subject to the qualifications and otherprescriptions under rules vi to xi of this irr. Cash benefit of 18 x bmp to start on date of retirement.
Consistent with section 1 hereof, the incentives of said personnel shall be computed using their. Motion for reconsideration of dated september 14, 2001 x. Updated gsis retirement packages and sample computation. Ra 1616 pdf ra 1616 provides for a gratuity benefit for retiring members who will qualify under this retirement mode. Cash benefit of 18 x bmp and bmp to start on date of retirement. On the other hand, the entitlement to separation benefit is a function of the termination of official relation for reasons other than the happening of the compulsory retirement age of 60 or 65 years old. The link in the article, make sure your computer has adobe pdf reader. You must not be a permanent total disability pensioner. Republic act 8291 gsis act of 1997 effective june 24, 1997 eligibility 1. Retirement under ra 8291 may be availed by those who have rendered at least fifteen 15 years of service in government and must be at least sixty 60 years of age upon retirement.
The retirement proceeds received by the retiree shall at all times be subject to deduction for any outstanding indebtedness heshe may have incurred with the gsis. Ra 8291 provides for the following benefits, the lump surn equivalent to 60 months of the basic monthly pension bmp i payable at the time of retirement plus an oldage pension benefit equal to the. Please refer to terms and conditions of each retirement mode on subsequent pages declaration of pendency nonpendency of case i undertake to submit my declaration of pendencynonpendency of case, duly subscribed. Motion for reconsideration of dated september 14, 2001. The last three years of service need not be continuous under ra 8291. A member who retired under ra 1616 prior to the effectivity of ra 8291 with at least 20 years of service, regardless of age to avail p20,000 funeral benefit, and if claimant is the legal spouse, present. Under ra 8291, the last three 3 years of service need not be continuous. The up diliman human resource development office upd hrdo advises management on human resource policy and administration including the proper interpretation of civil service law and rules. Retirement benefit there are two choices under this law. Pdf attitudes of government employees towards early retirement. Cash benefit of 18 x bmp and bmp to start on date of retirement under ra 1616 refund of retirement premiums. Retirement under republic act 660 also called magic 87, this option provides both annuity and. Republic act 8291 gsis act of 1997 effective june 24. Rtc on real property taxes, gsis taxexempt status in previous law was withdrawn under ra 7160 but restored under sec.
Whereas, in the implementation of the rationalization program under eo 366, personnel assigned to functions, programs, projects and units that would be affected would be given the option to either. See the wrs guide to retirement et43 and applying for your retirement benefit et4106 brochures for more information. Computation using the formula under ra 8291, the prevailing retirement law when mr. Cash benefit of 18 x bmp and bmp to start on date of retirement under ra 1616 refund of retirement premiums if you opted to retire under a retirement scheme with an immediate pension, you are qualified to avail of the choice of loan amortization schedule for pensioners clasp. Is the retirement gratuity received by x subject to withholding tax on compensation. Instead, all agencies concerned shall process and pay the gratuities of their employees. Is the retirement gratuity received by y subject to withholding tax on compensation. Under the gsis act of 1997, services credited for retirement, resignation or. He she must not be a permanent total disability pensioner. Gsis application for retirement under ra 660, ra 1616, pd 1146 and ra 8291 separation. Under ra 1616 refund of premiums see back portion of this form for eligibility requirements and conditions for retirement.