Also called Unemployment Insurance or Involuntary Separation Benefit
It is a cash benefit granted to covered employees, including kasambahays and OFWs (sea-based and land-based) who are involuntarily separated from employment (e.g. due to retrenchment or downsizing, closure or cessation of operation, installation of labor-saving devices, redundancy, etc.)
Member should not be over 60 years old at the time of involuntary separation; not over 50 if an underground or surface mineworker; and not over 55, if a racehorse jockey.
Member has paid at least 36 monthly contributions, 12 months of which should be in the 18-month period immediately preceding the month of involuntary separation.
Amount of Benefit
If qualified, the employee is granted an amount that is equivalent to twice the half of the member’s average monthly salary credit (AMSC).
The benefit is granted thru a one-time payment, and the claim must be filed within a year from the date of involuntary separation.