Gsis loan updating
Read more about this at the official website of GSIS Philippines – ph.
PASAY CITY, April 6 -- To assist the victims of typhoon Nina in their economic recovery and give them relief in paying loans, the Government Service Insurance System (GSIS) granted a loan moratorium for its members and pensioners in Albay from March to August 2017.
In other countries they also call this as the bad credit loan aimed at fixing your previous paying problems of an existing loan.
This is because of the literally low interest rate and low monthly amortization.
And to stress that it is serious in implementing this policy, the GSIS will start with no less than GSIS personnel who are survivorship pensioners, as their benefits as such will be cancelled.
Moreover, these employees will be ordered to reimburse all survivorship pensions improvidently paid to them through salary deductions.
GSIS will notify qualified housing loan borrowers to retrieve their postdated checks from the former’s treasury unit and replace it not later than 01 August 2017.
The GSIS referred to Section 20 of RA 8291, which states that ,” the GSIS said. 1146, AS AMENDED, EXPANDING AND INCREASING THE COVERAGE AND BENEFITS OF THE GOVERNMENT SERVICE INSURANCE SYSTEM, INSTITUTING REFORMS THEREIN AND FOR OTHER PURPOSES.- The national government, its political subdivisions, branches, agencies or instrumentalities, including government-owned or controlled corporations, and financial institutions with original charters, the constitutional commissions and the judiciary; "(d) - Any person receiving compensation while in the service of an employer as defined herein, whether by election or appointment, irrespective of status of appointment, including barangay and Sanggunian officials; "(e)- Dependents shall be the following: (a) the legitimate spouse dependent for support upon the member or pensioner; (b) the legitimate, legitimated, legally adopted child, including the illegitimate child, who is unmarried, not gainfully employed, not over the age of majority, or is over the age of majority but incapacitated and incapable of self-support due to a mental or physical defect acquired prior to age of majority; and (c) the parents dependent upon the member for support; "(g)- The basic pay or salary received by an employee, pursuant to his election/appointment, excluding per diems, bonuses, overtime pay, honoraria, allowances and any other emoluments received in addition to the basic pay which are not integrated into the basic pay under existing laws; "(j) - The quotient arrived at after dividing the aggregate compensation received by the member during his last thirty-six (36) months of service preceding his separation/retirement/ disability/death by thirty-six (36), or by the number of months he received such compensation if he has less than thirty-six (36) months of service: That the average monthly compensation shall in no case exceed the amount and rate as may be respectively set by the Board under the rules and regulations implementing this Act as determined by the actuary of the GSIS: That initially the average monthly compensation shall not exceed Ten thousand pesos (P10,000.00), and premium shall be nine percent (9%) and twelve percent (12%) for employee and employer covering the AMC limit and below and two percent (2%) and twelve percent (12%) for employee and employer covering the compensation above the AMC limit; "(m) - An amount equal to one hundred seventy percent (170%) of the first One thousand pesos (P1,000.00) of the average monthly compensation plus one hundred percent (100%) of the average monthly compensation in excess of One thousand pesos (P1,000.00); "(n) - Any person receiving old-age permanent total disability pension or any person who has received the lump sum excluding one receiving survivorship pension benefits as defined in Section 20 of this Act; "(p) - Any loss or impairment of the normal functions of the physical and/or mental faculty of a member which reduces or eliminates his/her capacity to continue with his/her current gainful occupation or engage in any other gainful occupation; "(r) - Complete incapacity to continue with his present employment or engage in any gainful occupation due to the loss or impairment of the normal functions of the physical and/or mental faculties of the member; "(s) Membership in the GSIS shall be compulsory for all employees receiving compensation who have not reached the compulsory retirement age, irrespective of employment status, except members of the Armed Forces of the Philippines and the Philippine National Police, subject to the condition that they must settle first their financial obligation with the GSIS, and contractuals who have no employer and employee relationship with the agencies they serve. "Members of the judiciary and constitutional commissioners shall pay three percent (3%) of their monthly compensation as personal share and their employers a corresponding three percent (3%) share for their life insurance coverage."Except for the members of the judiciary and constitutional commissions who shall have life insurance only, all members of the GSIS shall have life insurance, retirement, and all other social security protections such as disability, survivorship, separation, and unemployment benefits. "(b) The employer shall include in its annual appropriation the necessary amounts for its share of the contributions indicated above, plus any additional premiums that may be required on account of the hazards or risks of its employee’s occupation.GSIS loans covered by the moratorium are Consolidated Loan, Enhanced Salary Loan, Policy Loan, Emergency Loan, Real Estate Loan, Restructured Real Estate Loan, Deed of Conditional Sale, Pension Loan, Pensioners’ Emergency Loan, and Pensioners’ Restructured Loan.Outstanding loans covered by a previous moratorium are excluded.