GSIS Advisory on the Average Monthly Compensation (AMC)

August 12, 2013 BLGF MEMORANDUM CIRCULAR NO. 080-13 TO : All BLGF Central and Regional Directors of this Bureau SUBJECT : GSIS Advisory on the Average Monthly Compensation (AMC) For the information and guidance of all concerned, attached is a copy of the Memorandum from the Department of Finance dated July 29, 2013 regarding the above subject. IcHDCS The Central and Regional Directors of this Bureau are hereby instructed to take note of the above and disseminate the contents to all Bureau Staff. Please be guided accordingly. (SGD.) ATTY. SALVADOR M. DEL CASTILLO OIC-Executive Director ATTACHMENT Department of Finance July 29, 2013 Memo for : Heads of Offices This Department Heads of Bureaus/Attached Agencies Department of Finance From : Director Lourdes Z. Santiago Subject : GSIS Advisory on the Average Monthly Compensation (AMC) Attached for information and guidance is a copy of GSIS Advisory dated July 10, 2013 on the above-captioned subject. (SGD.) LOURDES Z. SANTIAGO Director IV Central Administration Office According to GSIS, once planholders avail of EOEM, their memorial plans will be automatically terminated. Application forms are available at any GSIS branch office or may be downloaded from the GSIS website. For further clarifications on the exit mechanism, planholders may call the GSIS Contact Center at 847-4747. Advisory Please be advised that the Average Monthly Compensation (AMC) that is used as a basis in computing the amount of GSIS retirement and pension benefit is the average of the member's basic salary in the last three years or 36 months of his or her service in government. There is no truth to speculations that AMC will soon be based on the member's salary for the last ten years of service. The GSIS has no intention of revising the definition of the AMC under Republic Act 8291. The AMC is one of the factors in the computation of the Basic Monthly Pension (BMP) of a GSIS member. Below is the formula for computing the BMP. BMP = (.025) x (AMC + P700) x Period of Paid Premiums We would appreciate it if you could help us disseminate this information to your co-workers. Thank you for your cooperation. cDEICH