When availing of the retirement program under RA 8291, only two things should be considered: age and the length of service.
To qualify for this retirement mode:
- The retiree must have rendered at least 15 years of service and must be at least 60 years of age upon retirement.
- He /she must not be a permanent total disability pensioner.
Unlike other retirement modes, the last three years of service of a retiree need not to be continuous under RA 8291
Packages in store for you
Retiring members who will opt to retire under RA 8291 are entitled to either of the following:
Option 1: 5-Year Lump Sum and Old Age Pension
Under this option, the retiree can get his/her five-year worth of pension in advance. The lump sum is equivalent to 60 months of the Basic Monthly Pension (BMP) payable at the time of retirement. After five years, the retiree will start receiving his/her monthly pension.
Option 2: Cash payment and Basic Monthly
In option 2, the retiree will receive a Cash Payment equivalent to 18 times the Basic Monthly Pension (BMP) payable upon retirement and then a monthly pension for life payable immediately after his retirement date.
[Source: GOVERNMENT SERVICE INSURANCE CORPORATION]