G S I S G S I S Benefits and Benefits and

PrivilegesPrivileges

RETIREMENTRETIREMENT

RA 1616-Gratuity/Optional RetirementConditions :Conditions :

Must be in the gov’t service before Must be in the gov’t service before June 1, 1977June 1, 1977

Last 3 yrs. of service must be Last 3 yrs. of service must be continuouscontinuous

LWOP must not exceed 1 yr.LWOP must not exceed 1 yr.

With at least 20 yrs of service With at least 20 yrs of service regardless of ageregardless 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

Personal Share with interest

Gov’t Share without interest.

GSIS – Refund of all retirement contributions

RA 660-Annuity/Pension Retirement

Conditions :Conditions :

Must be in the service before Must be in the service before 06/01/77.06/01/77.

Last 3 yrs of service must be Last 3 yrs of service must be continuous. continuous.

LWOP not to exceed 1 yr.LWOP not to exceed 1 yr.

Must meet age & service Must meet age & service requirement.requirement.

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

BMP = 80% AMS

3 Yr Lump Sum

2 Yr Lump Sum

5 Yr Lump Sum

after 5 years from dateof retirement, BMP for life

RA 8291 (Effective 06/24/97 )

Conditions :Conditions :

Those who entered the gov’t Those who entered the gov’t service on or after 6/01/77service on or after 6/01/77

Last 3 yrs of service need not be Last 3 yrs of service need not be continuouscontinuous

With at least 15 yrs serviceWith at least 15 yrs service

Must be 60 yrs oldMust be 60 yrs old

Not receiving BMP under PTDNot 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 :2 Types :

= Cash Payment =18 X BMP imdt upon separation,

@ age 60 BMP for life.

60

3 < 15= Cash Payment = 100 % AMC

x YOS @ age 60.

1.

2.

<60 15+

<_>

Unemployment Benefit Unemployment Benefit ( Involuntary)( Involuntary)

Permanent Status at the time of Permanent Status at the time of unemployment w/ at least 1 yr. unemployment w/ at least 1 yr.

correct premium correct premium contributions.contributions. MCP = 50 % AMCMCP = 50 % AMC

YOSYOS Duration of BenefitDuration of Benefit 1 < 31 < 3 2 Months2 Months

3 < 63 < 6 3 Months3 Months6 < 96 < 9 4 Months 4 Months 9 < 119 < 11 5 Months 5 Months

11 < 1511 < 15 6 Months6 Months

SurvivorshipSurvivorship Benefit Benefit

BMP = BSPBMP = BSP

50 % Legal Spouse50 % Legal Spouse

50 % Dependent Children50 % Dependent Children

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

Disability Benefit Disability Benefit (Non-Work Related )(Non-Work Related )

1. 1. Permanent Total Disability ( PTD )Permanent Total Disability ( PTD ) - - Arises Arises when recovery from impairment is when recovery from impairment is medically medically remote.remote.

2. 2. Permanent Partial Disability (PPD)Permanent Partial Disability (PPD) - - Arises Arises when there is functional loss of any when there is functional loss of any part of the part of the body, internal or external with body, internal or external with exhausted leave exhausted leave credits. credits.

3. 3. Temporary Total Disability (TTD)Temporary Total Disability (TTD) - - Arises when impairment of mental / physical Arises when impairment of mental / physical can be rehabilitated to normal function w/ can be rehabilitated to normal function w/ exhausted leave credits.exhausted leave credits.

Employees Compensation Employees Compensation (Work Related) (Work Related)

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

EmployerEmployer pays contribution, nopays contribution, no

personal share. personal share.

Effective 01/01/03 EC Effective 01/01/03 EC contribution contribution increased from increased from P30.00 to P100.00/mo.P30.00 to P100.00/mo.

Funeral / Burial BenefitFuneral / Burial Benefit

All active members and All active members and retirees are entitled retirees are entitled

P20,000.00 - amount of P20,000.00 - amount of benefit benefit

PENSION LOAN

Amount of Loan :

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

Eligibility Requirements :

Old-age or disability pensioner who has no outstanding stock purchase loan

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

Maturity of Loan :

Automatically matures upon the death of thePension-Borrower. The entire principal amountof the loan including all interest and othercharges 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 otherMode of disbursement, the BP has no more option to cancel the loan but only to pre-terminate it.

COMPULSORY LIFE INSURANCEBENEFITS

COMPULSORY LIFE INSURANCEBENEFITS

Compulsory Life Insurance Compulsory Life Insurance BenefitsBenefits

MaturityMaturity - - upon maturity of the life upon maturity of the life insurance, insurance, the total face value less any the total face value less any

indebtednessindebtedness shall be paid to the shall be paid to the member.member.

Cash Surrender Value ( CSV )Cash Surrender Value ( CSV ) - - a member a member separated from the service, retired or separated from the service, retired or

resigned prior maturity of the insurance resigned prior maturity of the insurance may be paid cash value less any may be paid cash value less any indebtedness.indebtedness.

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.

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.

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

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 Amount of LoanLoan

1 Mo.1 Mo.

BMSBMS

2 Mos.2 Mos.

BMSBMS

3–53–5 Mos. Mos.

BMSBMS

6-8 Mos.6-8 Mos.

BMSBMS

No. of Mos. inNo. of Mos. in

Gov’t ServiceGov’t Service 2020 4040 6060 120120

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.

2. The remaining outstanding balanceon the principal and the interest thereon after the surcharges have been dropped is restructured overa repayment period of 24, 36 or 48months.

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 interestshall be condoned.

-Interest rate is at 12% per annum

-One time availment only

Calamity/Emergency Loanmaybe availed by member in cases

of calamity , payable in 2 yrs with 8% interest.

Educational Loan2-year vocational course , payable in 2 yrs with 8%interest. P3,200.00 per

semester for 2 yrs.

OPTIONAL LIFE INSURANCES

1. Unlimited Optional Life Insurance (UOLI) Benefits : 1. Maturity 5. Death Benefit 2. CSV 6. ADB 3. PL – 90% CV 7. Dividend 4. Disability

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

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 termlife insurance cover based on the member’s fixed monthly compensation.

No need of AGE and LENGTH OF SERVICEin 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 policy’s termination value.

In case ELP lapsed due to non-payment ofpremiums, it may be automatically reinstatedwithout 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 salarythe corresponding life insurance premiums were paid and remitted to the GSIS as of the date of death of thepolicy holder.

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

Thank You&

Have a nice day