3. The Government Service Insurance System
(GSIS) is a social insurance institution in the
Philippines that was established on September
1, 1936, through Commonwealth Act No. 186. It
was created to provide a comprehensive and
sustainable insurance program for government
employees.
WHEN WAS THE GSIS ESTABLISHED?
4. The GSIS operates under Republic Act No. 8291,
also known as the "GSIS Act of 1997," which
outlines its organizational structure, functions,
and responsibilities. This law aims to ensure the
financial stability of the system and enhance the
social security benefits for its members.
OPERATION OF GSIS
5. 1. Providing Retirement Benefits - GSIS offers retirement
benefits to government employees, ensuring financial
security after their years of service.
2. Life Insurance Coverage - Members are entitled to life
insurance coverage, protecting their families in the event
of the member's demise.
ROLES AND FUNCTIONS OF GSIS
6. 3. Compulsory and Optional Insurance Programs -GSIS
provides various insurance programs, both mandatory
(such as life insurance) and optional (like optional life
insurance and accident insurance).
4. Housing Loans - The GSIS extends housing loans to its
members, supporting their home ownership goals.
ROLES AND FUNCTIONS OF GSIS
7. 5. Educational Assistance - Educational assistance
programs are available for members and their
dependents, promoting education and development.
6. Emergency Loans - During calamities or emergencies,
GSIS provides financial assistance to members through
emergency loan programs.
ROLES AND FUNCTIONS OF GSIS
8. 7. Investment Activities - GSIS manages funds through
prudent investments, aiming to generate returns for the
sustainability of the system and increased benefits for its
members.
ROLES AND FUNCTIONS OF GSIS
9. Understanding the historical context, legal framework,
and the multifaceted roles of GSIS is crucial in
appreciating its significant impact on the social security
and well-being of government employees in the
Philippines.
CONCLUSION
