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GSIS to refund P126M to DepEd employees

2 April 2013 4 Comments

Reposted from GMA News Online (http://www.gmanetwork.com/news/story/301275/news/nation/gsis-to-refund-p126m-to-deped-employees)

GSIS to refund P126M to DepEd employees

The Government Service Insurance System (GSIS) will refund a total of P126.47 million to more than 20,500 active and retired employees of the Department of Education (DepEd) beginning April.

Covered by the refund — the second since January — are employees whose cash surrender value (amount paid to the policyholder upon separation from the service) or maturity benefit (benefit payable upon maturity of the endowment policy) were deducted premiums-in-arrears for July 1997 to December 2010.

According to the state-run pension fund, the second tranche of refund represents the payment of premium contributions pertaining to the government share, which were previously deducted from the life insurance benefits of the employees.

Last January, GSIS provided an initial refund of P362.35 million that benefited more than 73,000 DepEd personnel.

This was after the GSIS received the P3.46 billion payment of the Department of Budget and Management (DBM) representing half of the total P6.92 billion in unpaid compulsory premium contributions, or  the government’s share of more than 800,000 teaching and non-teaching employees of the DepEd from July 1, 1997 to December 31, 2010.

“The settlement formed part of a milestone agreement signed in September last year, among DBM, DepEd and GSIS, which finally addressed the chronic issue on the non-remittance of premiums affecting the right of DepEd workers to avail themselves of their full GSIS benefits while in service and upon their retirement,” said GSIS president and general manager Robert Vergara.

As a result of the second tranche of refund, “more than 14,000 DepEd employees in active service will enjoy a proportionate increase in loanable amounts and potentially, increased retirement benefits,” Vergara said.

GSIS said it would also recalculate the benefits received by 6,530 separated and retired employees and will refund any deducted amount.  — KBK, GMA News

  • ma. teresita m. baladad

    my mother , a retired principal died january 2010..can we get any refund? another thing, i supposed to receive my maturity benefit last 2003 but i did not receive a single centavo..maybe because of this refund made by the gsis, my concern will be made possible..thank you

    • admin

      Mam Baladad,

      Pwede po nating idulog sa GSIS ang inyong concern. Maari po kayong lumiham sa amin na naglalaman ng mahahalagang impormasyon kaugnay sa inyong kaso at mga dokumento at gagawan po natin ng endorsement letter para sa GSIS. Paki address po kay Rep Antonio Tinio House of Representative, rm 511 south wing batasan hills quezon city.

      April Val Montes
      ACT Teachers
      Sec Gen

  • amor

    GSIS is taking advantage of their position over the pension funds of government workers. I was already supposed to receive the face value of my policy which matured in 2010. But I had a loan, and they told me to return my policy contract so that they will process my maturity, but until now they have not done that. And I was told that my loan balance including the interest is already more than the face value of my policy. Unfortunately, I have already resigned from government service. So my policy is just gone. It just paid for a measly 10,000 peso loan.

  • Marose Pagulayan-Cambronero

    bakit nag inquire kami sa atm using he umid card this week wala namang laman. last december 1,700 lang nakuha. divident yata un