Benefits of GSIS
The Government Service Insurance System (GSIS) is much more than loans, life insurance and retirement. In fact, the GSIS takes proper care of every pensioner and member. Other additional benefits include offering vital financial security during different life events. It covers all employees of the government regardless of their status, except employees who already have private retirement schemes.
1. Special disability package
The GSIS has a very attractive disability package for any government worker who had injuries that led to disability. Due to the disability, the workers were now unable to fend for themselves. GSIS is very useful as it covers these types of cases.
2. Provides employee compensation
There is an employee compensation fund that is governed by the GSIS for all government workers who had work-associated illnesses or even death. The employer, which in this case is the government, is required to provide a suitable amount for compensating the hurt employee. It is imperative to note that compensation will only be given if the sickness, accident, injury is related to the employee’s work.
3. Unemployment benefits
A major advantage of GSIS is the fact that it provides monthly cash disbursement for any permanent employee who is unwillingly separated from their service as a result of abolition of position or office because of reorganization. This particular benefit is very important, especially in the current economic conditions where it is hard to survive without a good source of income. Through getting these unemployment benefits, you will be capable of sustaining yourself while you consider other options.
4. Life insurance
GSIS also provides both optional and compulsory life insurance to the members. Apart from that active GSIS members also receive certain additional benefits. For example, they are eligible for loan privileges, which include housing, policy, salary and emergency loans.
Nevertheless, GSIS has a very big problem, which is misrepresentation when it comes to claiming pensions. This has led to great losses and disappointment of legitimate beneficiaries.