GSIS Disburses P650.3 Million to Members

The Government Service Insurance System (GSIS) has recently disbursed a total of P650.3 million to its active members and retirees on account of massive reconciliation and records updating projects made possible by its enhanced IT system.

As a result, a total of P195.3 million worth of cash dividends was credited to the eCard accounts of 197,740 active members who did not receive dividends from their compulsory policy for the applicable years 2006, 2007, and 2008.

The average cash dividend paid to these members amounted to P987.77.

The GSIS declares cash dividends based on the earnings from its life insurance fund in the preceding year.
Dividends declared in 2009 are therefore based on the earnings from the life insurance fund in 2008.

The earnings in life insurance are principally derived from two sources: investment income from the life insurance fund and the so-called mortality gains or savings.

For the dividend year 2009, the GSIS is set to declare cash dividends this year to qualified members after due assessment by management of its financial operations and subsequent recommendation to the Board of Trustees.

In addition to the dividend disbursements, a total of P455-million in retirement benefit adjustments was paid to a total of 52,846 retirees who retired from 2003 to 2010 also through their eCard accounts, resulting to an average credit of P8, 609.92.

This means that some concerned retirees had an increase in their basic monthly pension from the time they retired to the present.

The continuing efforts of the GSIS to reconcile members' records and accounts may also mean that more members and retirees would benefit in the coming months and that the GSIS would finally resolve reconciliation concerns of its stakeholders.