The State pension fund Government Service Insurance System (GSIS) will release a Php 174 M in cash benefit or also known as dividend to its active members. GSIS will distribute the 2018 dividend starting on December 23.
The grant of the cash dividend is mandated under Section 25 of the GSIS Charter or Republic Act 8291.
Who will receive the Cash Benefit or dividend from GSIS?
Compulsory policy holders of the GSIS life insurance program will receive the GSIS dividend. GSIS members whose compulsory life insurance policies have been in force for at least one year as of December 31, 2018. Members whose compulsory policies matured in 2018 will receive a proportionate amount.
According to GSIS, they will credit the cash automatically to their UMID card.
“We will automatically credit the cash benefit of our members to their eCard or Unified Multipurpose Identification (UMID) card,”
GSIS Chairman and Acting President and General Manager Rolando Ledesma Macasaet said.
Who are not eligible to receive the cash benefit?
Not eligible to receive the cash benefit are members whose compulsory insurance policies lapsed in 2018.
Similarly, holders of compulsory life insurance policies that were terminated due to death, retirement or separation in 2018 are not included. As well as members with unpaid salary and consolidated loans and/or premiums for at least 12 months as of December 31, 2018, are not qualified to receive the benefit.
How much will the members receive?
The amount of cash benefit is dependent on the financial performance of the Social Insurance Fund.
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