Retirement under RA 8291 may be availed by those who have rendered at least 15 years of service in government and must be at least 60 years of age upon retirement. Also, they must not be permanent total disability pensioners.
The last three years of service need not be continuous under RA 8291.
BMP is computed as follows:
a) If period with paid premiums is less than 15 years:
BMP = .375 x RAMC (Revalued Average Monthly Compensation)
b) If period with paid premiums is 15 years and more:
BMP = .375 x RAMC BMP = .025 x RAMC x Period with Paid Premiums
BMP, however, shall NOT exceed 90% of the Average Monthly Compensation.
RAMC stands for Revalued Average Monthly Compensation and is computed as follows :
RAMC=Php700 + AMC (Average Monthly Compensation)
AMC=Total Monthly Compensation received during the last 36 months of service divided by 36