General Information and Millennial Jobs for every Filipinos

The House of Representatives has approved the bill lowering the age limit for retiring government employees

In the third and final reading of a bill proposal, the House of Representatives was already approved it  on Monday.  The proposal is aimed at lowering the age limit for retiring government employees from 60 to turning 56 years old.

As a result of the polling  which is at 192 votes where aggreed and affirmed while the zero vote are not aggreed and negative vote , the chamber approved House Bill 5509, which ammends Section 13-A of RA 8291 or the so-called Government Service Insurance System (GSIS)  Act of 1997.

The bill has the primary purpose of giving government workers the option of terminating their employment at a young age without affecting their monthly salary.

The current law set forth in Section 13-A of RA 8291 states that GSIS members who retire from their services are entitled to retirement benefits only if they have served their employment for 15 years  and is 60 years old at the time of retirement, and does not receive a monthly pension from a permanent disability.

GSIS members who are eligible for Retirement Benefit under the law are:

1. Payment of the basic monthly pension multiplied by 60, payable at the time of retirement plus an old-age pension benefit equal to the basic monthly pension paid by the entire life, and before with the expiration of the five-year guaranteed period  covered with lump sum.

2. Cash Payment equivalent to 18 months of his basic monthly pension plus monthly life time pension payable quickly without a five year guarantee.

Qualified GSIS members who retired or separate from their service prior to the effectivity of the proposal are also covered by its provisions on the condition that the benefits provided will be prospective.


No comments:

Post a comment


Blog Archive