LIFE INSURANCE

All members of GSIS have compulsory life insurance coverage classified into two types:

1.
Life Endowment Policy (LEP). GSIS started with the LEP program. Designed to provide members
with life insurance coverage while still in active service, LEP provides maturity benefits to policy
holders upon reaching the maturity of their policy.

2. Enhanced Life Policy (ELP). ELP took effect on August 1, 2003. It provides an automatic
yearly insurance coverage to new members of GSIS based on their monthly compensation. ELP is
designed to provide an enhanced death benefit for the family of the deceased member.

The following members are covered under this program:

 Those who entered the service starting August 1, 2003;

 Those whose policies matured on or after July 31, 2003, and who will continue to be active
members after the maturity date; and
 Those who opted or will opt to convert their LEP into ELP.

RETIREMENT

GSIS offers various retirement programs that retiring members may choose from depending on their
age and and length of service.

Retirement Under RA 8291

Five-year lump sum or cash payment with instant pension.

Retirement under Republic Act 660

Also called “Magic 87,” this option provides both annuity and lifetime pension.

**Retirement under RA 660 (also known as ‘Magic 87’), may be availed by members who are 52 years
old  for as long as they have already been in government service for the past 35 years.

Qualifications

1. Entered government service on or before May 31, 1977;

2. Last three years of service prior to retirement should have been continuous, except in cases
of death, disability, abolition, and phase- out of position due to reorganization;
3. Appointment status should be permanent;
4. Meet the age and service requirements under the “Magic 87” formula. Based on the
formula, a retiree’s age and years in service should be added up and should total at least 87.
The “Magic 87” formula is shown below:

Age 52 53 54 55 56 57 58 59 60 61 62 63 64 65
Service 35 34 33 32 31 30 28 26 24 22 20 18 16 15
The maximum monthly pension for those above 57 years old shall be 80% of the Average Monthly
Salary (AMS) received during the last three years immediately preceding retirement. The maximum
pension for those aged 57 and below shall be 75% of AMS.

 Retirement Packages

Option 1: Automatic Pension – Under this option, retirees below 60 years old may choose to receive
either an automatic monthly pension for life or an option to avail of a lump sum. The lump sum,
which can be requested every six months, means they can receive their one-year monthly pension in
advance for a period of five years. On the sixth year, they will start receiving their lifetime monthly
pension.

 Option 2: Initial three-year lump sum – Those who are at least 60 years old but less than 63 years
on the date of retirement are entitled to a three-year lump sum. The subsequent two-year lump
sum will be paid to retirees on their 63rd birthday. Retirees still living after the five-year
guaranteed period, will be entitled to a monthly pension for life.

 Option 3: 5-Year Lump sum- Those who are 63-65 years old may avail of a five-year lump sum.
After five years, they will receive a monthly pension for life.
 Retirement under Republic Act 1616
Refund of GSIS premiums and gratuity payment from employers.

**Retirement under RA 1616 may be availed by those who entered government service on or before
May 31, 1977 and who rendered at least 20 years of service regardless of age and employment
status. Further, the  last three years of service prior to retirement must be continuous, except in
cases of death,disability, abolition or phase out of position due to reorganization.

Benefits

1. Gratuity payable by the last employer based on the total period with paid premiums
converted into gratuity months multiplied by the highest compensation received.The gratuity
months shall be computed as follows: 
2.
Years of Service   Gratuity (Months)

First 20 years   One (1) month salary

20 years to 30   One point five (1.5) months salary

years

Over 30 years   Two (2) months salary

3.
1. Refund of retirement premiums consisting of personal contributions of retirees plus
interest, and government share without interest, payable by the GSIS.

Retirement under Presidential Decree 1146

Only those who have been in government service after May 31, 1977 but before June 24, 1997 may
avail of this retirement program. Retirement under PD 1146 gives members a choice between a
Basic Monthly Pension (BMP) and Cash Payment.

**Retirement under PD 1146 may be availed by those who were separated / retired from service
before June 24, 1997.

Retirement packages

Option 1: Basic Monthly Pension (BMP)

This option is available for retirees who are at least 60 years old and who have rendered 15 years of
service. Those qualified under this option will receive a Basic Monthly Pension (BMP) guaranteed for
five (5) years. After the five-year guaranteed period, retirees will receive a basic monthly pension
for life.  Retirees may also request to convert their five-year guaranteed BMP into a lump sum
subject to a six (6) percent discount rate.

BMP is computed as follows:

a)    If period with paid premiums is less than 15 years: BMP= .375 x RAMC

b)   If period with paid premiums (PPP) is 15 years or more: BMP= .025 x RAMC x PPP

RAMC stands for Revalued Average Monthly Compensation. It is computed as follows:

RAMC = AMC+ P140.00 The maximum RAMC is P3,140.00

In either case, BMP shall not exceed 90% of the Average Monthly Compensation (AMC).

AMC is computed as follows:

AMC = Total compensation received during the last 3 years

Total number of months during which compensation was received
Option 2: Cash Payment (CP)

This option is available to retirees who are at least 60 years old and who have rendered at least
three (3) years but less than 15 years of service. Those who are qualified under this option will
receive a cash payment equal to 100% of the Average Monthly Compensation (AMC) for every year of
service.

The Cash Payment is computed as follows:

CP = Total monthly contributions paid x AMC

 Retirement under Republic Act 7699 (Portability Law )
Combining GSIS and SSS periods with paid premiums to qualify for retirement programs offered by
both pension funds.

**Under RA 7699, otherwise known as the Portability Law, government retirees who do not meet the
required number of years provided under PD 1146 and RA 8291 may still avail themselves of
retirement and other benefits.

Under this law, retirees may combine their years of service in the private sector represented by
contributions to the Social Security System (SSS) with their government service and contributions to
the GSIS to satisfy the required years of service under PD 1146 and RA 8291.

However, if retirees have already satisfied the required years of service under the GSIS retirement
option they have chosen, they would not be allowed to incorporate their  contributions to the SSS
anymore for availment of additional benefits.

In case of death, disability and old age, the periods of creditable services or contributions to the SSS
and GSIS shall be added to entitle retirees to receive the benefits under either PD 1146 or RA 8291.

If qualified under RA 8291, all the benefits shall apply EXCEPT the cash payment. The Portability
Law provides that only benefits common to both Systems (GSIS and SSS) shall be paid. Cash payment
is NOT included in the benefits provided by the SSS.

SEPARATION
The Separation benefit is given to employees who have not reached the retirement age of 60 but
have been separated from the service. The benefit can either be in the form of cash payment or
both cash payment and pension.

Eligibility and Benefits

1. If the member has been in the service for at least three years but less than 15 years, and
below 60 years of age:

Cash payment equivalent to 100% of the Average Monthly Compensation (average salary in the last
three years) for every year of service payable upon reaching age 60.

2. If the member has been in the service for at least 15 years and is below 60 years of age:

Cash payment equivalent to 18 times the Basic Monthly Pension (BMP) payable upon separation and
monthly pension for life starting at age 60.

BMP= (.025) x (AMC +700) x Period with Paid Premiums

UNEMPLOYMENT OR INVOLUNTARY SEPARATION

The unemployment benefit is paid when permanent government employees who have paid the
required 12 months integrated contributions under RA 8291 are  involuntarily separated from the
service as a result of the abolition of their office or position usually resulting from reorganization.
The benefit is in the form of monthly cash payments equivalent to 50% of the average monthly
compensation (AMC). The duration of the benefit depends on the length of service and ranges
from two months to a maximum of six months.

The unemployment benefit shall be paid in accordance with the following schedule:

1. If the contributions have been made for a period of one year but less than three years, the
benefit duration is for two months;
2. If the contributions have been made for a period of three or more years but less than six
years, the benefit duration is for three months;
3. If the contributions have been made for a period of six years or more but less than nine
years, the benefit duration is for four months;
4. If the contributions have been made for a period of nine years or more but less than 11
years, the benefit duration is for five months; and
5. If the contributions have been made for a period of 11 years or more but less than 15 years,
the benefit duration is for six months.
 DISABILITY

Disability refers to any loss or impairment of the normal functions of the physical and/or mental
faculties of  members, which permanently or temporarily prevents them to continue with work or
engage in any other gainful occupation resulting in the loss of income. The corresponding disability
benefits for each kind of disability  granted to members are based on the duration of incapacity to
work and actual loss of income.

There are three kinds of disability  determined by GSIS based on established medical standards: a)
Permanent Total Disability, b) Permanent Partial Disability, and c) Temporary Total Disability.

1. Permanent Total Disability (PTD) – disability due to injury or disease causing complete,
irreversible and permanent incapacity that will permanently disable a member to work or to
engage in any gainful occupation resulting to loss of income. The following disabilities are
deemed total and permanent:
 complete loss of sight for both eyes;
 loss of two limbs at or above the ankle or wrists;
 permanent complete paralysis of two limbs;
 brain injury resulting in incurable imbecility or insanity; and
 such other cases as may be determined and approved by GSIS
Eligibilities.  Members  who become permanently and totally disabled are entitled to PTD benefits
when:

 In the service at the time of disability; or

 If separated from the service, have paid at least 36 months contributions within the five
year period immediately preceding the disability; or have paid a total of at least 180 months
contributions prior to the disability;
Provided, however, that the following conditions are met:

 Gainfully employed prior to the commencement of disability resulting in loss of income;

 Not a registered member of any social insurance institution; and
 Not receiving any other pension either from GSIS or another local or foreign institution or
organization
Benefit.

 Members who become permanently and totally disabled are entitled to the monthly income
benefits for life equivalent to the basic monthly pension (BMP) effective from the date of
disability.  In addition to the monthly income benefits for life, a cash payment equivalent to 18
times the basic monthly pension (BMP), will be paid to members who were in the service at the
time of the permanent total disability and who have paid a total of 180 monthly contributions.
  Separated members who have at least three years of service and become permanently and
totally disabled but have not paid a total of at least 180 monthly contributions prior to the
disability are entitled only to cash payment equivalent to 100% of  their average monthly
compensation for each year of service with paid contributions but not less than twelve thousand
pesos (Php12,000.00).
1. Permanent Partial Disability (PPD) – arises due to the complete and permanent loss of the
use of any of the following resulting to the disability to work for a limited period of time:
 any finger
 one arm
 one foot
 any toe
 one hand
 one leg
 one or both ears
 hearing of one or both ears
 sight of one eye
 such other cases as may be determined and approved by the GSIS
Eligibilities. Members whose disability are partial are entitled to  PPD benefit when:

 In the service at the time of disability; or

 If separated from the service, have paid at least 36 months contributions within the five
year period immediately preceding the disability; or have paid a total of at least 180 months
contributions prior to the disability.
Provided, however, that the following conditions are met:

 Gainfully employed prior to the commencement of disability resulting in  loss of income as
evidenced by any incontrovertible proof thereof;
 Not a registered member of any social insurance institution; and
 Not receiving any other pension either from GSIS or another local or foreign institution or
organization
Benefit.

 The period of entitlement to PPD benefit is determined after due medical evaluation; but
such period of entitlement to the benefit will not exceed 12 months for the same contingency.
Only the leave of absence/s without pay incurred during the period of entitlement, duly certified
by the authorized officer of the agency where members are employed,  is compensable.
 The amount of PPD benefit is  computed by dividing the BMP by 30 days and multiplying the
quotient by the number of compensable calendar days of leave of absence without pay (LWOP).
1. Temporary Total Disability (TTD) – accrues or arises when the impaired physical and/or
mental faculties can be rehabilitated and/or restored to their normal functions, but such
disability will result in temporary incapacity to work or to engage in any gainful occupation.
Eligibilities. Members are entitled to the TTD benefit when:

  In the service at the time of disability; or

 If separated from the service, have paid at least 36 months contributions within the five
year  period immediately preceding the disability; or have paid a total of at least 180 months
contributions prior to the  disability;
Provided, however, that the following conditions will be met:

 Gainfully employed prior to the commencement of disability resulting in loss of income;

 Not a registered member of any social insurance institution; and
 Not receiving any other pension either from GSIS or another local or foreign institution or
organization.
The payment of TTD benefit may be extended by GSIS up to a maximum   of 240 days, subject to
medical evaluation.

Benefit.

 The period of entitlement to TTD benefit is determined after due medical evaluation and
proof of actual loss of work resulting in loss of income by way of the incurred actual number of
days of leave of absence/s without pay duly certified by the authorized officer of the agency
where members are employed; but such period of entitlement to the benefit should not exceed
120 days in one calendar year.
 However, if the disability requires more extensive treatment that lasts beyond 120 days,
the payment of TTD may be extended by GSIS but not to exceed a total of 240 days. Only the
leave of absence/s without pay incurred during the period of entitlement is compensable.
 Entitlement, however, starts from the fourth day of the disability. The amount of TTD
benefit is computed by multiplying 75% of the daily salary of members by the number of days of
disability based on the medical evaluation but not to exceed 240 days for the same contingency.
However, the computed daily salary shall not be less than Php70.00 but not to exceed Php340.00
per day.

SURVIVORSHIP

Recognizing that pension is an earned right and not a privilege, the Board of Trustees restored the
survivorship benefit of surviving spouses of members and pensioners even if they are gainfully
employed and receiving other sources of income or pension.

Implemented in December 2010, the new basic survivorship pension (BSP) payable to the surviving
spouse is equivalent to 50% of the basic minimum pension received by the deceased member or
pensioner. However, the maximum limit for survivorship pension should not exceed Step 8 of the
current salary of an undersecretary under the Salary Standardization Law.
 The dependent’s pension for the children of the deceased member is equivalent to 10% of the basic
minimum pension payable until the age of majority. Payment of BSP to the dependent spouse shall
be discontinued in case the latter remarries, cohabits or engages in a common-law relationship.

When members or pensioners die,  their beneficiaries are entitled to cash and/or pension benefits,
subject to the existing rules and regulations on survivorship and policies on the maximum amount of
survivorship pension.

Coverage

1. All primary and secondary beneficiaries residing in the Philippines or abroad who are
existing survivorship pensioners or claiming for survivorship benefit;
2. Those who were receiving survivorship benefits but were suspended when the policy on the
same was amended and implemented in August 2009; and
3. Those who applied for survivorship benefits but were disapproved due to the
issuance/approval of Management Implementing Guidelines (MIG) 01-2009 dated October 22,
2009 that took effect as early as August 2009, and MIG 04-2010 dated April 26, 2010.
Eligibility Requirements

1. When a member or pensioner dies, the primary beneficiaries (surviving legal spouse and
dependent children) or secondary beneficiaries, as the case may be, shall be entitled to the
applicable survivorship benefits.
2. The primary beneficiaries[1] shall be the following:
2. The legitimate spouse, until s/he re-marries, or co-habits/engages in common-law
1 relationship; and
2. The dependent legitimate, legally adopted or legitimated children, including
2 illegitimate children, who have not reached the age of majority, or, have reached the
age of majority but incapacitated and incapable of self-support due to a mental or
physical defect acquired prior to age of majority.
3.
4. The secondary beneficiaries shall be the dependent parents and, subject to the restrictions
on dependent children, the legitimate descendants[2].
The secondary beneficiaries shall only be entitled to survivorship benefits if there are no primary
beneficiaries[3].

Maximum Amount of Survivorship Pension

1. The surviving spouse shall be entitled to basic survivorship pension which is fifty percent
(50%) of the Basic Monthly Pension (BMP) but not to exceed fifty percent (50%) of the current
Step 8[4] salary of an Undersecretary, pursuant to the Salary Standardization Law and its
amendments.For example, if the salary of an Undersecretary is equal to Php63,380.00 and Basic
Monthly Pension (BMP) of the deceased member/pensioner is equal to Php70,000.00, the
maximum amount of survivorship pension is Php31,690.00 (50% of P63,380.00) for the surviving
spouse, not Php35,000.00 (50% of Php70,000.00).However, the existing survivorship pensioners
(surviving spouse) who are receiving more than the said limit shall not be subjected to this
policy.
2. The dependent children shall be entitled to dependent children’s pension for a maximum of
five (5) children, equivalent to 10% of the BMP for each child but not to exceed fifty percent
(50%) of the BMP, counted from the youngest and without substitution.
Retroactive Application

For survivorship pensioners whose survivorship pensions were suspended as a result of the previous
policy, the amounts accruing for the period they were suspended shall be restored by  GSIS, subject
to the maximum amount of survivorship pension provided under this policy.

On the other hand, for surviving spouse whose applications for survivorship benefits were denied as
a result of the previous policy, their applications may be submitted to GSIS, and if found to be
qualified, their benefits shall be granted and computed retroactively, subject to the maximum
amount of survivorship pension provided under this policy.

The maximum amount of basic survivorship pension prevailing at the time of death of the member
or pensioner shall apply. Any subsequent increase/s in the Step 8 salary of an Undersecretary will
not result in any adjustment to the survivorship pension already being received by the surviving
spouse.

Disqualification / Discontinuance to Entitlement to Survivorship Pension of Dependent Spouse

and/or Children
1. The payment of survivorship pension to the surviving spouse shall be discontinued when
s/he re-marries, cohabits/engages in common-law relationship.
2. In the case of the dependent children, survivorship pension shall be discontinued upon
reaching the age of majority.
3. When the dependent spouse and dependent children are already receiving the basic
survivorship pension and dependent children’s pension, respectively, any subsequent death,
emancipation or disqualification of any one of them shall not result in the accrual of that portion
of benefits to the other beneficiaries.
Documentary Requirements
1. Basic Documents

 Application Form
 Certification by agency/employer as to whether the deceased has a pending
administrative/criminal case
 Death certificate of member/pensioner issued by the National Statistics Office (NSO)
 Last Day of Actual Service; and
 Two (2) valid IDs of payees
2. If Married

 Marriage certificate between the deceased and his/her spouse issued by NSO
 Affidavit of Surviving spouse
 If spouse is not a GSIS member, Birth Certificate issued by NSO
 Birth Certificate/s of minor/incapacitated children issued by NSO
 If with minor/incapacitated children, Affidavit of Guardianship
 If the legal guardian is not the natural parent, the affidavit should be supported by a
Certification from the Barangay and DSWD
3. If Single

 If with minor/incapacitated children, Affidavit of Guardianship

 If the legal guardian is not the natural parent, the affidavit should be supported by a
Certification from the Barangay and DSWD; and
 If guardian is not a GSIS member, Birth Certificate issued by NSO
4. If without primary beneficiary (with Parents)

 Birth Certificate of member issued by NSO

 Marriage Contract of member’s parents issued by NSO
 Birth Certificate of member’s parents issued by NSO if parents are not GSIS
members/pensioners.
5. If without primary beneficiary (without Parents; with Siblings)

 Birth Certificate of member issued by NSO

 Marriage Contract of member’s parents issued by NSO
 Death Certificates of member’s parents issued by NSO
 Birth Certificate of member’s parents issued by NSO
 Affidavit of Surviving Legal Heirs stating among others that affiants are the only surviving
legal heirs of the deceased member, their date of birth and relationship to the deceased
member and that they are executing the document for the purpose of claiming the benefit from
GSIS
 Birth Certificate of all the siblings of the deceased member issued by NSO
 Marriage Contract of all the female siblings of the deceased member issued by NSO
 If with deceased brother or sister, extra judicial settlement among the legal heirs of the
deceased brother / sister of the member designating one payee
6. Additional Requirements for Muslim Members

 Proof of Surviving legal heirs indicating all the wives and children
 If only one (1) spouse is claiming: submit duly notarized affidavit that her husband has no
other marriages/wife
 Court Order for Guardianship should be issued in the absence of parent for minor children
 Application for survivorship must be duly endorsed by the office and a certification
indicating the legal spouse/s and children/s of the deceased
Effectivity
The above policies on survivorship benefits shall be implemented retroactively from the time the
existing policies on eligibility requirements of a surviving spouse to survivorship benefits were
adopted.
 [1] Sections 2 (f) and (g), Republic Act No. 8291

[2] Sections 2 (h)

[3] Section 21 (c)

[4] Step 8 is equivalent to P63,380.00.

FUNERAL
GSIS provides a Php30,000 funeral benefit  to the following:

1. An active member;
2. A member who has been separated from the service but who is entitled to future separation
or retirement benefit;
3. An member who is an old age pensioner;
4. A retiree who at the time of his retirement was of pensionable age under RA 8291 but who
opted to retire under RA 1616; and
5. A member who retired under RA 1616 prior to the effectivity of RA 8291 with at least 20
years of service, regardless of age.
The benefit is payable to the members of the family of the deceased, according to the following
priorities:

1. Legitimate spouse
2. Legitimate child who spent for the funeral services, or
3. any other person who can show unquestionable proof of his having borne the funeral
expenses of the deceased.
The requirements are as follows:

If claimant is the legal spouse:

1. Original copy of Death Certificate of the member from the National Statistics Office (NSO).
2. Original copy of Marriage Contract from NSO
3. Two valid IDs (original to be shown, photocopy to be submitted)
4. Original copy of NSO-certified Birth Certificate of the claimant (if there will be claims for
death and survivorship benefits). If not registered, may apply for late registration.
For immediate full payment of the benefits, and in the absence of NSO Birth Certificate, valid
passport or visa; driver’s license; PRC ID with record of birth may be submitted

Claimant’s birth certificate is not required if  the claimant is either  a  GSIS member or pensioner.
If claimant is other than the legal spouse (application will be accepted only if the legal spouse is
already deceased.  In this case,  priority is given to legitimate children)

1. Original copy of Death Certificate of the member from NSO.

2. GSIS Affidavit of Funeral Expense Form
3. Original & Xerox copy of Official Receipt under the claimant’s name or if a Funeral Plan was
used, a Certification from the memorial service provider that the plan was availed of.
4. Two valid IDs (original to be shown, photocopy to be submitted)
5. Birth certificate of the claimant   or valid ID (issued by the government) indicating his/her
date of birth.

EMPLOYEES COMPENSATION

The employees’ compensation benefit (or disability benefit) is a compensation package for public
and private sector employees and their dependents in the event of work-related injury, sickness,
disability or death.

EC is a purely employer-based contribution benefit. Thus, employees do not contribute any amount
to the program. GSIS administers the employees compensation (EC) fund as provided for under 
Presidential Decree No. 626.

Benefits.

 Medical services, appliances and supplies;

 Rehabilitation services;
 Temporary total disability benefit;
 Permanent total disability benefit;
 Permanent partial disability benefit;
 Death benefit; and
 Funeral Benefit
Beneficiaries.  In case of death and funeral benefits, the beneficiaries may either be one of the
following:

1. Primary

 Legitimate spouse until he or she remarries

 Dependent children (legitimate, legitimated or adopted, and illegitimate):
 Below 18 years old, unmarried, not gainfully employed; or
 More than 18 years old but incapacitated and incapable of self-support due to mental or
physical defect acquired prior to age of majority.
2. Secondary

 Dependent parents
 Legitimate descendants
Eligibilities.  The conditions for payment are as follows:

 Injury must be the result of accident arising out of and in the course of employment
 Sickness must be listed /considered an “occupational disease”; or even if not listed as
one,   it must be shown that the risk of contracting the sickness is increased by the working 
conditions
 Disability/Death is caused by work-connected injury or sickness
Exceptions.When any of these is due to the employee’s:

 Intoxication or drunkenness
 Willful intention to injure or kill himself or another
 Notorious negligence
 Not work-related
List of Occupational Diseases (under PD 626)

 Papilloma of the bladder

 Cancer, epithellomatous or ulceration of the skin or of the
corneal surface of the eye
 Cataract
 Deafness
 Decompression sickness
 Caisson disease
 Aeroembolism
 Dermatitis due to irritants and sensitizers
 Infections: Anthrax, Brucellosis, Glanders, Rabies, Tuberculosis, Tularemia, Weill’s
disease,Q Fever or equine encephalomyelitis, Mite dermatitis
 Ionizing radiation disease, inflammation, ulceration or malignant disease of the skin or
subcutaneous tissues of the bones or leukemia or anemia of the aplastic type due to X-rays,
ionizing particles, radium or other radioactive substances Acute radiation syndrome: Chronic
radiation syndrome and Glass blower’s cataract.
 Poisoning
 Pneumoconiosis
 Diseases caused by abnormalities in temperature and humidity
 Vascular disturbance in the upper extremities due to continuous vibration from pneumatic
tools or power drills, riveting machines or hammers
 Viral hepatitis
 Poisoning by cadmium
 Leukemia and lymphoma
 Cancer of the stomach and other lymphatic and blood forming vessels, nasal cavities and
sinuses
 Cancer of the lungs, liver and brain
 Cardio-vascular diseases
 Cerebro-vascular accidents
 Malaria and schistosomiasis
 Pneumonia
 Hernia
 Bronchial asthma
 Osteoarthritis
 Viral encephalitis
Peptic ulcer
 Pulmonary tuberculosis
 Viral hepatitis
 Essential hypertension
 Asbestosis
No claim for compensation will  be given due course unless said claim is filed with the GSIS within  
three years from the time the cause of action accrued. (ECC Resolution No. 2799, July 25, 1984)

Increase in EC Benefits

On 26 May 2014, President Benigno Simeon Aquino III issued Executive Order 167 which  approved
the increase of Employees’ Compensation Funeral Benefit from Php10,000 to Php20,000 for both the
employees in the private and public sectors and a 10% across-the-board increase in EC pension for
all EC permanent partial disability, permanent total disability and survivorship pension in the private
sector.

FAQ:

Life Insurance Cash Benefit-

Ano ang
Cash
Benefit?
  Ang Cash Benefit ay amount na ipinamamahagi ng GSIS taun-taon sa mga aktibong
miyembro o policyholders ng life insurance plan bilang share nila sa kinita ng Social
Insurance Fund (SIF).

Ang SIF ay galing sa lahat ng kontribusyon ng mga miyembro, kasama ang mga kinita at
tinubo ng pondo sa investments ng GSIS. Ang pondo ring ito ang ipinantutustos ng GSIS
sa iba pang benepisyong ibinibigay sa mga miyembro.

Mas kilala ng mga miyembro ang Cash Benefit bilang dividend.

2. Saan nakasalalay ang amount ng Cash Benefit na tatanggapin ng mga

miyembro?
  Nakasalalay ang ibinibigay na Cash Benefit sa financial performance ng GSIS. Kung
malaki ang net income, malaki rin ang maipamamahaging Cash Benefit sa mga
miyembro.

3. Bakit mas malaki ang amount ng Cash Benefit noong isang taon?
  Mas malaki ang Cash Benefit noong isang taon dahil mas mataas ang net income ng GSIS
noong 2014 kaysa noong 2015. Noong 2014, P140 bilyon ang net income ng GSIS,
samantalang Php47 bilyon lamang noong 2015. Ito ang dahilan kung bakit Php185
milyon ang idineklarang total amount ng Cash Benefit para sa compulsory life insurance
policyholders sa taong 2015, kumpara sa Php848 milyon noong 2014.

4. Bakit hindi malaki ang kinita ng GSIS noong 2015?

  Hindi malaki ang kinita ng GSIS noong 2015 dahil sa hindi magandang performance ng
stock market sa bansa – bumaba ang value ng stocks at bond, at ang halaga ng piso.
Dahil dito, naapektuhan ang kita ng GSIS sa investments nito. Gayunman, kapag
gumanda na ang takbo ng stock market, maaaring tumaas na muli ang Cash Benefit ng
mga miyembro sa susunod na taon.

5. Kung hindi malaki ang kinita ng GSIS noong 2015, nangangahulugan bang
hindi na matatag ang GSIS?
  Hindi apektado ng mababang kinita ng GSIS noong 2015 ang kabuuang pondo nito. Sa
katunayan, tumaas pa ang kabuuang assets ng GSIS sa Php958.5 bilyon, kumpara sa
Php907.2 bilyon noong 2014. As of October 31, 2016, umabot na ito sa mahigit Php1
 trilyon at halos Php80 bilyon na ang net income nito. Dahil nananatiling matatag ang
GSIS, nakatitiyak ang mga miyembrong pinaglilingkuran ng GSIS na matutugunan ang
lahat ng benepisyong karapat-dapat nilang tanggapin sa mahabang panahon pang
darating.

6. Kailan makukuha ng mga miyembro ang Cash Benefit?

  Nagsimula nang i-credit ang Cash Benefit sa eCard o UMID card account ng mga
miyembro noong January 6, 2017. By batch o cluster ang ginagawang pagke-credit nito
upang mapanatili ang maayos na withdrawals sa bangko.

7. Sinu-sino ang kwalipikadong tumanggap ng Cash Benefit?

  Kwalipikadong tumanggap ng Cash Benefit ang miyembrong may active insurance policy
na in effect nang isang taon o higit pa.

Kwalipikado rin ang empleyado ng ahensyang suspendido ng GSIS.

Proportionate Cash Benefit naman ang tatanggapin ng miyembrong nag-mature ang

policy noong 2015.

8. Sinu-sino ang hindi kwalipikadong tumangap ng Cash Benefit?

  Hindi kwalipikadong tumangap ng Cash Benefit ang miyembro kung ang kanyang
insurance policy ay nag-lapse noong 2015, o na-terminate dahil sa pagkamatay,
pagreretiro, o pag-alis sa serbisyo.

Hindi rin tatanggap ng Cash Benefit ang miyembro kung hindi siya nakakabayad ng
kanyang primang kontribusyon sa GSIS o ng salary at consolidated loan nang isang taon
o higit pa.

9. Kung hindi nakatanggap ng Cash Benefit ang miyembro pero qualified

naman ayon sa requirements, maaari bang mag-request upang
matanggap niya ang Cash Benefit?
  Oo, maaaring mag-request ang miyembro gamit ang Members’ Request Form (MRF), na
pwedeng i-download sa GSIS website – www.gsis.gov.ph.

https://www.gsis.gov.ph/active-
FAQ SURVIVORSHIP
members/benefits/survivorship/faq/?csrt=14385603072448077559