GSIS slates release of cash benefit to members Jan. 6 to 31
The online news portal of TV5
MANILA - State pension fund Government Service Insurance System (GSIS) started releasing January 6 a total amount of P185 million in cash benefit for its members.
“The total cash benefit this year is far lower than the P848 million GSIS released last year due to the decreased net income from P140 billion in 2014 to P47 billion in 2015,” explained Officer-in-Charge and concurrent Senior Vice President for NCR Operations Nora Malubay-Saludares.
Saludares added that GSIS’s income was affected by the decline in the Philippine stock market in 2015.
Members whose compulsory life insurance policies have been in force for at least one year as of December 31, 2015, are entitled to cash benefit. Also eligible are active members whose policies matured within 2015 and whose employers were suspended as of December 31, 2015. GSIS restored the loan and cash benefit privileges of members working in suspended agencies in July 2013.
Meanwhile, GSIS members whose policies lapsed in 2015 are ineligible to receive the benefit. Similarly, policyholders whose policies were terminated due to death, retirement, or separation as of December 2015 are ineligible for the benefit.
Members with outstanding consolidated loan balances or unpaid premiums for at least 12 months as of December 31, 2015 are also excluded.
GSIS has begun electronically crediting the cash benefit of qualified GSIS members to their GSIS eCard or unified multipurpose identification (UMID) card, which is expected to be completed by January 31, 2017. Crediting of the benefit is done by batch or cluster to maintain orderly withdrawals.
For inquiries on the grant of cash benefit, members may call the GSIS Contact Center at 847-4747 or email email@example.com. They may also visit the GSIS website,www.gsis.gov.ph.