GSIS to release P848-M cash benefit to members

MANILA - The Government Service Insurance System (GSIS) is set to release 2014 cash benefits to its members amounting to a total of P848 million.

GSIS said the amount will be distributed to about 1.1 million members on December 15.

Those who will receive the benefit include members whose compulsory life insurance policies have been in force for at least one year as of December 31, 2014 and those whose policies have matured in 2014.

Also entitled to the cash benefit are members whose agencies were suspended as of December 31, 2014.

"This is our way of sharing with GSIS policyholders the earnings of the Social Insurance Fund comprising the contributions of members," GSIS president and general manager 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 cash benefit will be released through the GSIS eCard or unified multipurpose identification (UMID) card of qualified GSIS members.

GSIS is also set to release a Christmas cash gift to pensioners starting December 10.