GSIS Seeking Strict Compliance with Employees' Compensation Contributions
MANILA, Philippines - State-run Government Service Insurance System, which administers the Employees' Compensation Insurance Fund (ECIF) for the public sector, is calling on all remitting agencies to comply with its resolution increasing contributions the ECIF to one percent of the basic salary or P100 per month per employee, whichever is lower.
The GSIS said strict compliance with the required contributions will ensure the actuarial solvency of the fund, which will ultimately go to the benefit claims of government employees.
The Employees' Compensation Commission (ECC), through Board Resolution No. 02-04-235 increased the maximum amount of contribution to the ECIF from P30 to one percent of the basic salary or P100 per month per employee, whichever is lower, in light of the depleting EC funds.
"The incidence and levels of benefits for work-connected illnesses and injuries have increased such that since 1983, the total amount of benefits paid for workers' claims have exceeded the total amount of contributions collected by the GSIS-ECIF. …