All government workers who are members of the Government Service Insurance System (GSIS) is set to release a total of P848 million cash benefits for the year 2014 to its members on December 15. According to GSIS about 1.1 million members will benefit the amount.
GSIS notd that those who will receive he benefit include members whose compulsory life insurance policies have bee in force for at least one year as of December 31, 2013 and those whose policies have matured in 2014.
The government agency, GSIS also added that entitled to the cash benefit are members whose agencies were suspended as of December 31, 2014.
GSIS President and General Manager Robert Vergara announced “This is our way of sharing with GSIS policyholders the earnings of the Social Insurance Fund comprising the contributions of members,” Robert Vergara said.
However, GSIS members whose compulsory life insurance policies lapsed in 2014 will not to receive the benefit. Also excluded are 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.
The GSIS also announced that the cash benefit will be released through the GSIS eCard or Unified Multipurpose Identification (UMID) card of qualified GSIS members. Aside from the GSIS Cash Benefit, the agency also noted that they will also release a Christmas cash gift to pensioners starting December 10, 2015.