State pension fund Government Service Insurance System (GSIS) has started releasing last January 6 a total amount of Php185 million in cash benefit for its members.
“The total cash benefit this year is far lower than the Php848 million GSIS released last year due to the decreased net income from Php140 billion in 2014 to Php47 billion in 2015,” Officer-in-Charge and concurrent Senior Vice President for NCR Operations Nora Malubay-Saludares said.
OIC Saludares added that GSIS’s income was affected by the decline in the Philippine stock market in 2015.
Members whose compulsory life insurance policies have been in force for at least one year as of December 31, 2015, are entitled to cash benefit. Also eligible are active members whose policies matured within 2015 and whose employers were suspended as of December 31, 2015. Back in July 2013, GSIS has restored the loan and cash benefit privileges of members working in suspended agencies.
Meanwhile, GSIS members whose policies lapsed in 2015 are ineligible to receive the benefit. Similarly, policyholders whose policies were terminated due to death, retirement, or separation as of December 2015 are ineligible to the benefit.
Members with outstanding consolidated loan balances or unpaid premiums for at least 12 months as of December 31, 2015 are also excluded.
GSIS has begun electronically crediting the cash benefit of qualified GSIS members to their GSIS eCard or unified multipurpose identification (UMID) card, which is expected to be completed by January 31, 2017. Crediting of the benefit is done by batch or cluster to maintain orderly withdrawals.