MindanaoToday.com | GSIS grinds retirement benefits within 20 days
By: Uriel Quilinguing
CAGAYAN DE ORO CITY – Retirement claims are now being processed within 20 days, much shorter than the prescribed 90-day processing time, the Government Service Insurance System (GSIS) announced on Wednesday, July 31, in a press conference here.
GSIS President and General Manager Jose Arnulfo Veloso said there is no reason for delay in the release of retirement lump sum and the granting of pension if required documents are complete.
In fact, there have been instances in GSIS Cagayan de Oro when turnaround time for retirement claims were five days and even less, if all information in the service record of the retiree is consistent with those on file with the state insurer.
Veloso said the most common reason for delays is when the retiree would assume that his documents are complete.
He advised those who are planning to retire to personally appear in the nearest GSIS office, not earlier than two months prior to the date of pension commencement, to examine the records.
This, he said, would speed up the processing of his application for the pension benefit and for enrolment in the GSIS unified multi-purpose identification (HUMID) eCard, if necessary.
Lack of funds, he said, is an “urban legend” because such has never been a reason. Urban legends are typically second-hand narratives that are untrue but are peddled as true by word of mouth, print, digital, and social media.
Sometime in 2017, the GSIS claimed it has cut down the processing time for all claims from 90 days to 30 days.
This includes pension which is a regular monthly payment during a person’s retirement from an investment fund to which that person and his employer have contributed to GSIS during his working life.
At present, GSIS member contributes 9% of his actual monthly salary while his employer 12% of the employee’s actual monthly salary.
Since 2013, the minimum monthly pension of retirees from state agencies has been P5,000, pursuant to Republic Act No. 8291 which provides that the amount be adjusted upon the recommendation of the GSIS president and general manager and approved by the President of the Philippines.
The maximum monthly pension for those above 57 years old shall be 80% of the average monthly salary (AMS) received during the last three years immediately preceding retirement. The maximum pension for those aged 57 and below shall be 75% of AMS.
One must have rendered at least 15 years of service and must be at least 60 years old upon retirement, and that he must not be a permanent total disability pensioner.
Under Republic Act No. 8291, the last three years of service need not be continuous. A retiree can get his five-year pension in advance and the lump sum is equivalent to 60 months of the basic monthly pension payable at the time of retirement.
At present, the GSIS has over 2.2 million active members and about 500 thousand pensioners, Veloso said. (30)
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