Active members of state pension fund Government Service Insurance System (GSIS) will receive their corresponding yearly cash benefits starting December 15. GSIS earmarked Php225 million for the grant of dividends this year.
Qualified to receive the cash benefits are GSIS members whose compulsory life insurance policies have been in force for at least one year as of December 31, 2016.
Holders of compulsory life insurance policies that matured in 2016 and whose agencies were suspended as of December 31, 2016 are also eligible for the benefit.
However, GSIS members whose compulsory policies lapsed in 2016 are not qualified to receive the benefit.
Those whose policies were terminated due to death, retirement, or separation, as well as those with unpaid consolidated loans or premiums for at least 12 months as of December 31, 2016, are likewise ineligible.
GSIS will automatically credit the benefits of qualified GSIS members to their GSIS eCard or unified multipurpose identification (UMID) card. Crediting of the benefit will be done by batch or cluster to maintain orderly withdrawal of proceeds.
REPUBLIC OF THE PHILIPPINES
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