GSIS to distribute 2014 cash benefit Dec 15

MANILA, Philippines – State pension fund Government Service Insurance System (GSIS) will start distributing P848 million ($17.92 million) in 2014 cash benefits to 1.1 million members on Tuesday, December 15.

GSIS said on Thursday, December 10, that members whose compulsory life insurance policies have been in force for at least one year as of December 31, 2014 and those whose policies have matured in 2014 will receive the benefit.

Also entitled to the cash benefit are members whose agencies were suspended as of December 31.

“This is our way of sharing with GSIS policyholders the earnings of the Social Insurance Fund comprising the contributions of members,” GSIS President and General Manager Robert Vergara said.

GSIS will release the cash benefit through the agency’s eCard or unified multipurpose identification card of its eligible members.

Earlier, GSIS said that it will release Christmas cash gifts this year to 235,180 old-age and disability pensioners.

A total of P2.6 billion ($54.93 million) has been earmarked for this benefit, 8% higher than last year’s P2.4 billion ($50.70 million).

Excluded

GSIS members whose compulsory life insurance policies lapsed in 2014, are ineligible to receive the benefit.

Those whose policies were terminated due to death, retirement, or separation, as well as those with unpaid salary and consolidated loans or premiums for at least 12 months as of December 31, 2014, are likewise excluded. – Rappler.com

$1 = P47.33