Date Posted: December 26, 2019
Starting December 23, state pension fund Government Service Insurance System (GSIS) will distribute the 2018 cash benefit to its active members amounting to Php174 million. More popularly known to GSIS members as dividend, the cash benefit will be given to qualified compulsory policy holders of the GSIS life insurance program.
“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.
Entitled to the 2018 cash benefit are 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.
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, 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.
The grant of cash benefit or dividend is mandated under Section 25 of the GSIS Charter or Republic Act 8291 which specifically provides that “An annual dividend may be granted to all members of the GSIS whose life insurance is in force for at least one (1) year in accordance with a dividend allocation formula to be determined by the GSIS.”
The amount of cash benefit is dependent on the financial performance of the Social Insurance Fund.
For inquiries, interested parties may visit the GSIS website, www.gsis.gov.ph, or Facebook account, @gsis.ph; email firstname.lastname@example.org; or call the GSIS Contact Center at 8847-4747 if in Metro Manila or 1-800-8-847-4747 (for Globe [free with minimum Php8.00 load] and TM subscribers) or 1-800-10-847-4747 [for Smart, Sun, and Talk ’N Text subscribers; Php8.00/call]).