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GSIS members to receive P930M


MOST members of the Government Service Insurance System will collectively receive P930 million in cash dividends by Christmas Day.

This year’s dividend is 13.7 percent more than the P818 million given out in 2011.

The GSIS said in a statement that its board of directors had approved the grant of cash dividends after the state pension fund again posted a surplus in revenue from its Social Insurance Fund.

At least one million GSIS members are entitled to the payout, including holders of the compulsory life insurance policy, life endowment policy (LEP), and enhanced life policy (ELP).

LEP holders are those who started work for the government earlier than Aug. 1, 2003, while ELP holders are those who entered service from the same date.

To be entitled to the dividend, compulsory life insurance policyholders must have active status and their policies should have been in force for at least one year as of Dec. 31, 2011.

“Active members whose LEP matured after Dec. 31, 2011, and [who renewed and converted their policy into ELP] are likewise entitled to cash dividends based on their LEP,” the GSIS said.

However, GSIS members who have defaulted on their consolidated loans and salary loans for at least 12 months or have unpaid premiums for at least 12 months are not entitled to the dividend.

The same goes for those whose policies lapsed or matured in 2011, as well as those working for agencies that the GSIS suspended as of end-2011.

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Tags: Business , cash dividends , GSIS , revenue surplus

  • http://pulse.yahoo.com/_ED2VKJ73X7565JLUSMZKHGCOWY nag

    I and my wife, Loreto (Loring) Parayno Diolazo, are both retired employees of the University of the Philippines-Philippine General Hospital. My wife was confined at the Asian Hospital and Medical Center, Muntinlupa City, and died on Sept. 9, 2011.
    On Dec. 21, 2011, I filed my claim to her burial benefit with the Government Service Insurance System. I was attended to by Dina B.H. Varias. I submitted to her my postal ID and my wife’s death certificate duly certified by the National Statistics Office. I didn’t complete the required submissions because the GSIS has, after all, duplicate copies of the records of every government employee/retiree. Besides, I told her, I’m also retired. Then she asked me to sign the burial benefit claim and handed me the reference slip.
    I wonder why up to now the GSIS has not released my claim. Something wrong must be going on here. GSIS employees should remember that their salaries come from GSIS members.
    So, may I call the attention of GSIS president Robert Vergara for him to take action against those who “take pleasure” in withholding or delaying the release of burial benefits.
    Sad to say, since July 1986 until my retirement, I was the designated UP-PGH representative to the cashier’s office of GSIS branches in Quezon City and Makati City. As such, one of my functions was to ensure the delivery of UP-PGH’s monthly remittance checks to those branches. My service record, a copy of which the GSIS has, is enough certification that I’m not a fake claimant.
    116 Genaro St., Lakeview Homes,
    Barangay Putatan, Muntinlupa City

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