THE state-run Government Service Insurance System said Thursday it will release around P850 million worth of cash gift to its members in celebration of the Christmas season.
GSIS president and general manager Robert Vergara said the cash gift to their members is the agency’s way of sharing the earnings of their social insurance.
“This is our way of sharing with GSIS policyholders the earnings of the Social Insurance Fund comprising the contributions of members,” Vergara said.
Around 1.1-million members of the pension fund is expected to benefit from the P848-million cash gift starting Dec 15.
GSIS members whose compulsory life insurance policies have been in force for at least one year as of Dec. 31, 2014 and those whose policies have matured in 2014 will receive the benefit.
Also entitled to the cash benefit are members whose agencies were suspended as of Dec. 31, 2014.
GSIS members whose compulsory life insurance policies lapsed in 2014, however, are ineligible to receive the benefit.
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, are likewise excluded.
GSIS will release the cash benefit through the GSIS eCard, or unified multipurpose identification card of qualified GSIS members.
GSIS earlier said they are also set to give about P2.6-billion cash gift to its old-age and disability pensioners starting Dec 10.
Vergara said the allotment for the cash gift for the elderlies was 8 percent higher than the P2.4-billion allocation in 2014.
GSIS said around 235,180 old-age and disability pensioners will benefit from the cash gift.