Government Insurance Service System

Government Insurance Service System

The Government Service Insurance System is a Philippine government-owned financial company with pays pension to former government and military employees.

History

The GSIS was created on November 14, 1936 under Commonwealth Act No. 186, also known as the GSIS Charter. Its goal is to promote the efficiency and welfare f the employees of the Government of the Philippines. CA 186, which is considered the first significant legislation in Philippine social security, initially provided for life insurance protection to all government workers. Before the establishment of the GSIS in 1936, there were several retirement plans in operation for specific groups, like the Philippine Constabulary under Act No. 1638, Public School Teachers under Act No. 3050, and Health Service Employees under Act No. 3173.

The social insurance legislations that were subsequently passed show that the social security program for government workers has been constantly undergoing changes in basic structure, benefits schemes, financing, coverage, administration and organization.

On June 16, 1951, Republic Act No. 660 was passed, amending CA 186 to provided retirement insurance to all government employees, in addition to life insurance coverage, with annuity or monthly pension benefits. This Act established a master retirement scheme covering all employees of the government. This also extended life insurance coverage to non-permanent employees of the government by way of a term policy insurance renewable every year.

On May 31, 1957, RA 1616 was enacted allowing the retirement of a member of a member regardless of age and prescribing two other modes of retirement: (a) after 30 years of service or more with annuity benefit, or (b) after rendering at least 20 years with gratuity benefit, plus a refund of the personal contributions, with interest.

The enactment of RA 611, establishing the Philippine Medical Care Plan on August 4, 1969, marked the beginning of a health insurance scheme for all employees, both in the public and the private sector, with the GSIS administering the fund of the government sector. The administration of the medical care benefits, however, was transferred on January 1, 1998, to the Philippine Health Insurance Commission (PHIC), which now handles the medicare benefits of both the government and the private sector.

The promulgation of Presidential Decree No. 626 on January 1, 1975, introduced the Employee's Compensation Benefits Program, both for the government and the private sector, which expanded further the protection of government workers by providing them and their dependents adequate financial and medical benefits in the event of a work-related injury, sickness or death.

Various amendments have been passed, liberalizing the life, retirement, health and disability benefits schemes for government workers. Among the important amendatory laws were: RA 3593, which affected the automatic life insurance coverage of compulsory members and provided for additional optional life insurance coverage; RA 4968, increasing the monthly pension and insurance coverage; PD 1368 and 1641 increasing the employee's compensation benefits and POD 1519 increasing the medical care or medicare benefits.

The most significant major amendment, however, is the major revision of the GSIS Charter effected under PD 146 and passed on May 31, 1977, which aimed to enhance the quality of life of the government workers by increasing, expanding and integrating their social security insurance benefits and facilitating the payment thereof.

Another major development was the enactment of RA 8291, amending PD 1146, which took effect on June 24, 1997. This Act expanded and increased the coverage and benefits of the GSIS and provided for pre-need insurance, unemployment and separation benefits. Aside from increasing and expanding the social security protection of the government workers,, it also enhanced the powers and functions of the GSIS to better respond to the needs of its membership.

While the above-cited laws have been passed to cover all government workers of the Philippines, other laws were designed for special groups only.

The GSIS was also entrusted with the enforcement of the provisions of RA 910, passed on June 20, 1953, as amended, providing for a separate retirement plan for the judiciary.

GSIS was also entrusted with the administration of the Barrio Officials Insurance Fund, passed on June 17, 1967, extending life, disability and accident insurance benefits to barrio (now barangay) officials and other such officials of the local government units.

In addition to its social security mandate GSIS was also entrusted with the administration of the General Insurance Fund and the provision of insurance protection to assets and properties which have government insurable interests by virtue of RA 656 or the Property Insurance Fund, enacted on June 16, 1951.

$ 5 billion investment

On January 25, 2008, GSIS president and general manager Winston Garcia announced "that it will be investing a total of $5 billion in fixed income, equities and properties here and abroad, with foreign $1 billion initial investment, and another local, $1 billion." [ [http://www.gmanews.tv/story/77976/GSIS-investing-5B-in-global-local-instruments GMA NEWS.TV, GSIS investing $5B in global, local instruments] ]

Parisian Life Controversy

External links

* [http://www.gsis.gov.ph Official Website of the Government Insurance System]

References


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