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Association of Government Accountants of the Philippines Waterfront Hotel, Cebu 26 October 2012 Topic: “New GSIS Policies, What Members Need to Know”

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Presentation on theme: "Association of Government Accountants of the Philippines Waterfront Hotel, Cebu 26 October 2012 Topic: “New GSIS Policies, What Members Need to Know”"— Presentation transcript:

1 Association of Government Accountants of the Philippines Waterfront Hotel, Cebu 26 October 2012 Topic: “New GSIS Policies, What Members Need to Know”

2 2 Specific initiatives launched to be … more consultative more transparent more member-focused Maaasahan ng Lingkod - Bayan

3 3 GSIS expands service reach with LANDBANK’s 1,000 ATMs nationwide 1. Renewed partnership with LANDBANK Launch of GSIS-LBP partnership in Batangas, February 2011

4 4 2. Deployed more GWAPS kiosks

5 5 3. Enhanced Emergency Loan program Waived 1% service fee Reduced interest rate from 8% to 6% Extended grace period for first payment to 3 months Members flocked to GSIS to apply for EL Additional allocation of Php10B

6 6 4. Revoked the ARAS Pensioners no longer required to visit GSIS for status renewal * except those living in ARMM, abroad NSO to determine pensioners’ status

7 7 5. Revised Survivorship Policy Surviving spouses of members and pensioners can receive pension even if gainfully employed and receiving other income/pension Retroactive application No four-year prescription if survivors filed for funeral or death benefit Maaasahan ng Lingkod - Bayan

8 8 6. Ended Global Investment Program Maaasahan ng Lingkod - Bayan Winded down GIP for increased support to local financial market More attractive to invest in the local market

9 9 7. Improved pension program Pensioners to receive minimum pension of Php 5,000 beginning January 2013 Pension loan with insurance Maaasahan ng Lingkod - Bayan

10 10 8. Improved pension program Retirees’ pension computed proportionately from day of retirement or 5 years for those who retired with 5-year lump sum benefit Retroactive from September 2009 Maaasahan ng Lingkod - Bayan

11 11 PENSION benefits are not privileges… They are yours BY RIGHT! Maaasahan ng Lingkod - Bayan

12 12 9. From CLIP to CLASP (Choice of Loan Amortization Schedule for Pensioners) Empowers retirees on how to settle outstanding obligations, in whole or in part No more forced deduction of housing loan from retirement benefits Separate collection facility for housing loan Maaasahan ng Lingkod - Bayan

13 13 Holding of pre-retirement counseling seminars Held monthly at GSIS central and field offices Discuss various retirement modes; how-to’s on computing retirement claims Help choose the most beneficial retirement option suited to your lifestyle Maaasahan ng Lingkod - Bayan

14 scholarship slots (additional 100 slots for SY as part of GSIS’ s 75 th anniversary celebration) Scholars chosen based on member’s salary grade (not through raffle) Scholars get up to 20K in tuition and 2K in monthly allowance 10. Revised Scholarship Program to benefit children of low-income workers

15 15 Php4,000, payable in 60 months (P20 monthly installment) No take home pay, AAO approval requirements Until end of December Educational Loan Assistance Program Maaasahan ng Lingkod - Bayan

16 Rationalized home lending program Php5-B for home lending to GSIS members through Pag-IBIG Fund Maaasahan ng Lingkod - Bayan

17 Posting and reconciliation of accounts Work closely with technology partners for quick resolution of this long-standing concern All resources deployed to address backlog– multiple task forces, 24/7 operations Maaasahan ng Lingkod - Bayan

18 Updating of accounts (DepEd, DBM, GSIS MOA Signing)

19 19 GSIS signs MOAs with suspended LGUS and agencies to settle past due accounts and restore privileges of members Maaasahan ng Lingkod - Bayan

20 20 Proposed GSIS Amendments to RA 8291 (GSIS Act of 1997) 1. Inclusion of parents, legitimate and adopted children of unmarried members 2. Designation of beneficiary by single members before age 50 Maaasahan ng Lingkod - Bayan 3. Removal of remarriage and co-habitation as basis for cancellation of survivorship benefits FUTURE DIRECTIONS

21 21 Proposed GSIS Amendments to RA 8291 (GSIS Act of 1997) 4. Provision on Members’ Rights 6.Special rights for the elderly, disabled and seriously- ill members, beneficiaries and pensioners 7. Increase in Temporary Total Disability Benefit Maaasahan ng Lingkod - Bayan 5.Option to continue membership beyond mandatory age of 65 FUTURE DIRECTIONS

22 22 Proposed GSIS Amendments to RA 8291 (GSIS Act of 1997) 8.Option of the member to claim his/her separation benefit even before reaching the age of 60 Maaasahan ng Lingkod - Bayan 9. Increase of funeral benefit from 20 K to 30 K 10. No prescription of claims FUTURE DIRECTIONS

23 23 Thank you! Maaasahan ng Lingkod - Bayan


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