National Conciliation and Mediation Board
Regional Branch No. 5
29 November 2017
Legazpi City – As part of the annual program for staff development, the Branch conducted an in-house seminar on the programs and services of the Government Services Insurance System (GSIS) on 17 November 2017 held at the Branch 5 Office at Capt. F. Aquende Drive, Legazpi City from 9:00 to 11:30 in the morning.
The Resource Speaker from GSIS was Officer I Delfin C. Badiong who discussed the programs of GSIS as a social insurance institution. He rendered the three components of the insurance system as Enhanced Life Policy (ELP), Retirement Act and the Employees’ Compensation Commission (ECC). He gave sample computations of retirement benefit and the basic monthly pension (BMC) that a member can avail depending on his or her average monthly computation (AMC), periods of premiums paid (PPP) and age at retirement.
“The topic is relevant since most of the staff is planning to retire soon. With this information, somehow we have advance information on what to expect from the GSIS should we file for retirement this early,” said Regional Branch Director Reynaldo Foncardas.
“It is for this purpose that we have invited a resource person from GSIS to clarify our notions and misconceptions about the retirement benefits package in store for us from the insurance system,” continued Director Foncardas.
Aside from the lecture on the GSIS programs and services, Mr. Badiong updated the GSIS records of the personnel.
A tentative computation of retirement benefits for each of the staff was provided wherein the premise is if he or she retires on the day of the seminar, the cash payment payable at age 60 was detailed.
“The seminar was helpful to me because I was able to know my options if ever I decide to retire even if I am not yet at the age of retirement,” said Administrative Officer IV Hazel Caroche. “I also got to know the benefits of my aunt who died before she was able to avail the cash payment equivalent to 5 years lump sum. She had rendered 24 years in service at the hospital she is working with.”
“But if the member has less than 15 years in service, he or she cannot avail of the pension or the 18 months cash payment or the 5 years lump sum benefit. He or she can avail the cash payment only. But this is payable when he or she turns 60 years old,” added Administrative Aide VI Rolando J. Jetajobe.
Supervising Labor and Employment Officer Josephine Amaranto summed up the activity as applicable and significant. “This activity is very relevant to us because we got updates from GSIS. We also know now that it is only when one reaches 36 years of service can he or she avail the 90% of AMC as his or her monthly pension. Before, I thought, it was 34 years.”
Administrative Assistant III Gloria Cope said that she now know how to compute the basic monthly pension. “I came to know also that pensioners can also avail of loans under the CLASP Program or the Choice of Loan Amortization Schedule for Pensioners. I thank Director Foncardas for initiating this very fruitful and enlightening activity.”
EFLEDA A. HOURANI
APPROVED FOR RELEASE:
REYNALDO S. FONCARDAS
Regional Branch Director