More benefits for Members – GSIS
Government employees have a reason to be excited as the Government Service Insurance System (GSIS) is working on a special program called the Living Benefit. This effort comes after a fantastic year for the GSIS, where they saw their income jump by 33% to PHP 311.3 billion from PHP 234.9 billion in 2022. Their net income also saw a huge increase, and the total value of the GSIS Fund has reached a whopping PHP 1.7 trillion. This big pot of money is now ready to be used to help with the country’s big projects and to make government workers’ lives better.
Arnulfo “Wick” Veloso, the big boss of GSIS, shared that they are looking into providing more insurance for government stuff like bridges, schools, and even art in museums. But finding out what needs to be insured isn’t easy. They’re on a mission to cover more government assets and have already increased their insurance earnings significantly from PHP 6.8 billion in 2022 to PHP 9.8 billion in 2023.
One of the most exciting things Mr. Veloso talked about is the Living Benefit program. This program is being designed to help over two million active members and 550,000 people who receive pensions or are beneficiary survivors. It’s all about offering a financial safety net for six serious illnesses by giving a one-time payout of PHP 250,000 to those affected. This initiative aims to prevent financial struggles that start from health issues.
But that’s not all. GSIS is also making it easier for its members to borrow money with a multi-purpose loan program where you can borrow up to PHP 5 million with a low-interest rate. They’ve already lent PHP 100 billion to 250,000 members in just the first 100 days of this program!
For those who have dedicated their careers to serving the government, GSIS is planning housing projects in Fairview and Cogeo. They’re also making it possible for members to either rent or buy homes at very affordable rates. Plus, GSIS members can get fire insurance for their homes for half the usual cost.
Beyond insurance and loans, GSIS is always on the lookout for big projects to invest in. They see this as their role in helping build the nation and are focused on making smart investments to earn more money. While Mr. Veloso hasn’t spilled the beans on what these investments might be, it’s clear GSIS is planning big things for the future.
In summary, government workers have a lot to look forward to with the GSIS’s new programs and investments. From better insurance coverage to financial help during tough times, and even affordable housing options, it’s all about making life better for those who serve the country.
