Older persons who were elected or appointed to government service will soon be covered by life insurance of the Government Security and Insurance System (GSIS).
Rep. Philip Pichay (1st District, Surigao del Sur), author of House Bill 5327, said Republic Act 8291 that created the GSIS and its implementing rules and regulations failed to recognize the services of those who heed the call of public service despite their being beyond the mandatory retirement age of 60 years.
Under the bill, any person who is elected or appointed to a public office after reaching the mandatory retirement age shall be covered by life insurance under the GSIS. The bill will cover government officials in the local and national levels.
The bill provides that upon his separation from such office, the official shall be refunded all life insurance premiums remitted to the GSIS, with the applicable legal interest, including both his personal and the government’s shares.
The bill covers any person who, at the time of his election to public office, already reached the mandatory retirement age, or persons appointed to a government position by the President of the Philippines who, at the time of his appointment already reached the mandatory retirement age.
Pichay said the bill intends to accord them with certain benefits by extending the mandatory life insurance under the GSIS and mandating refund of all life insurance premiums remitted to the GSIS with the applicable legal interest, including their personal share and the government’s counterpart.
“The amount refunded would go a long way in helping them cope with the challenges of old age without additional cost to the GSIS,” Pichay said.
The alleviation of standard of living among government workers and the improvement of their benefits once they leave the service will also serve as a major factor in weeding out corruption in the government,” Pichay said.
Rep. Philip Pichay (1st District, Surigao del Sur), author of House Bill 5327, said Republic Act 8291 that created the GSIS and its implementing rules and regulations failed to recognize the services of those who heed the call of public service despite their being beyond the mandatory retirement age of 60 years.
Under the bill, any person who is elected or appointed to a public office after reaching the mandatory retirement age shall be covered by life insurance under the GSIS. The bill will cover government officials in the local and national levels.
The bill provides that upon his separation from such office, the official shall be refunded all life insurance premiums remitted to the GSIS, with the applicable legal interest, including both his personal and the government’s shares.
The bill covers any person who, at the time of his election to public office, already reached the mandatory retirement age, or persons appointed to a government position by the President of the Philippines who, at the time of his appointment already reached the mandatory retirement age.
Pichay said the bill intends to accord them with certain benefits by extending the mandatory life insurance under the GSIS and mandating refund of all life insurance premiums remitted to the GSIS with the applicable legal interest, including their personal share and the government’s counterpart.
“The amount refunded would go a long way in helping them cope with the challenges of old age without additional cost to the GSIS,” Pichay said.
The alleviation of standard of living among government workers and the improvement of their benefits once they leave the service will also serve as a major factor in weeding out corruption in the government,” Pichay said.
