GSIS refunds 6,000 ARMM employees PDF Print E-mail
Wednesday, 05 November 2014 15:16

Some 6,000 employees from the Department of Education in the Autonomous Region in Muslim Mindanao (DepEd-ARMM) will finally get their refunds from the state pension fund Government Service Insurance System (GSIS).

Jamar Kulayan, DepED-ARMM secretary, said an aggregate amount of more than P200-M is to be credited to the eCards of these beneficiaries after their accounts have been reconciled and updated by the GSIS since the 3rd week of August 2014.

Following the June 11 Memorandum of Agreement (MOA) executed by  the ARMM and GSIS with the Department of Budget and Management (DBM), the state insurance agency started to refund the unpaid premiums deducted from the cash surrender value and maturity value of the DepED employees.

More than one billion outstanding obligations, with condoned interest of the unpaid premiums, were paid by the DBM to the GSIS in favor of the DepED-ARMM.

Lourdes Dorado, vice-president for housing and insurance group, in an email sent to Kulayan, informed the DepED-ARMM workforce that efforts in the reconciliation and posting for the 26,000 members covered by the MOA are expected to be completed the 1st week of November.

In effect, about 2,500 retired or separated employees will receive an adjustment in their retirement or separation benefits.

Creditable service or period with paid premiums of employees who are still active will  be adjusted to increase their benefits when they retire or resign, she said.