GSIS to lift waiver on penalties

  • Page Views 1349
  • The Government Service Insurance System (GSIS) starting October 1 will start collecting penalties and surcharges on past due loan accounts of members still in active service.

    The GSIS is urging its members to settle their past due loan accounts until September 30 this year to avoid further penalty charges.

    Jesus Clint Aranas, GSIS president and general manager, said one way of settling their loan accounts is by availing of the Enhanced Conso-loan Plus program which waives all penalties and surcharges on their existing salary loan accounts including additional interests.

    “Paying off your loan will also enable you to avail of other GSIS benefits which you could not otherwise enjoy if you have defaulted on your loans,” Arenas said.

    “If you will restructure your salary loan accounts through the Enhanced Conso-Loan Plus, you will avoid the unfailing predicament of having your retirement pay eaten up by your loan balance in due course,” Aranas said.

    He explained that when GSIS members fail to pay their amortization for more than six months, their loan accounts will become in default.

    Starting October 1, this will automatically set off the computation of pro-rated surcharges and penalties.

    These charges, which are originally intended to discourage borrowers from defaulting on their loans, will add up to their bill which may further swell if not abated early enough.

    At present, GSIS is not collecting penalties and surcharges on past due loan accounts if the member is in active service.

    In the long term, according to Aranas, this “automatic waiver” for penalties and surcharges will compound the forgone interest income from the pension fund’s loan investments which will eventually be disadvantageous to the social insurance fund.

    (Malaya)

    Share

    New Posts Recently publish post More

    • 22 March 2019
      2 days ago No comment

      Angel still queen as ‘General’s Daughter’ of primetime; As ‘Kadenang Ginto’ smashes own record thrice in one week

      “The General’s Daughter” remained the far-and-away No. 1 program in its time slot despite a new rival, cementing the status of lead star Angel Locsin as the current queen of primetime. The Dreamscape production scored a nationwide rating of 34% on March 18. That’s more than double the viewership ...

    • 22 March 2019
      2 days ago No comment

      Greta (PG)

      Ordeal! Loss of a parent can hit children hard. A young woman coming to terms with the loss of her mom gets quite the awakening In Greta. Smart studios typically release horror films or suspense laden thrillers towards the fall. In a brilliant bit of counter programming Universal Studios ...

    • 22 March 2019
      2 days ago No comment

      Budget 2019: Investing in the Middle Class to Grow Canada’s Economy

      Kagawaran ng Pananalapi ng Canada Noong 2015, ang mga masisipag na Canadians ay nagpatunay na pag gusto nating lumakas ang ekonomiya, ang unang dapat gawin ay palakasin natin ang middle class. Ang mga kababayan natin ay pinili ang gobyerno na ito upang bigyang-puhunan ang mga middle class at sa ...

    • 22 March 2019
      2 days ago No comment

      FOX makes first Filipino film

      FOX Networks Group (FNG) Philippines produces its very first film, the horror-thriller Maledicto, which rolls into cinemas nationwide on May 1 Philippines — FOX, home to hit series and Hollywood movies, makes its first foray into the Filipino movie-making industry. FOX Networks Group (FNG) Philippines produces its very first ...

    • 22 March 2019
      2 days ago No comment

      Movie Review: ‘One Great Love’

      It is more than possible to realize that the love of your life has been there all along. Perhaps the one you have been looking for to complete you has been around for so long and much closer to you than you had thought. “One Great Love” from Regal ...

    %d bloggers like this: