GSIS releases P174M in cash benefit to active members beginning Dec. 23

Active members of the Government Service Insurance System (GSIS) started receiving cash benefits on December 23, 2019 after the state workers pension fund began distributing at least P174 million cash dividends.

In a statement on Thursday, the GSIS said the cash benefit or more popularly known to members as dividend is being 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, the state pension fund said.

Members whose compulsory policies matured in 2018 will receive a proportionate amount, it said.

“Not eligible to receive the cash benefit are members whose compulsory insurance policies lapsed in 2018,” the GSIS noted.

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 also 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 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, the GSIS said. — MDM, GMA News