While state workers constantly complain about the restrictive rules of the Government Service Insurance System in the grant of benefits, top executives of the pension fund are enriching themselves through fat compensation.
Each of the l0 members of the board of trustees of the GSIS pockets about P6 million a year in allowances and bonuses, according to a report received by theSenate finance committee chaired by Senator Frank Drilon.
The compensation of GSIS board members includes P600,000 in mid-year financial allowance, l5th month pay of P600,000, productivity bonus equivalent to four months at P600,000 per month or a total of P2.4 million, Christmas representation allowance of P250,000 and P40,000 transportation allowance, Drilon said.
Also part of the compensation package are the Pl30,000 representation allowance, P5,000 allowance for every board meeting and P5,000 cash gift and other privileges such as annual medical checkup worth P50,000 and a car loan, among others.
GSIS officer-in-charge Consuelo Manansala confirmed that each GSIS board member received about P6 million in total compensation last year. She said the compensation package depends on the increase in the net income of the System. She claimed that the board members received less benefits in previous years.
“We have to do something in order to rationalize the compensation that has gone awry,” Drilon said. He decried the rampant violation of Malacanang’s Memorandum Circular No. 20 which requires that the compensation of executives of government-owned or –controlled corporations should not exceed twice the regular pay of Cabinet members.
Meanwhile, former GSIS president and general manager Winston Garcia had given the GSIS a total of P3l.9 million in fees and bonuses that he received as a member of the board of directors of the San Miguel Corporation representing the state pension fund from 2000 to 2004.
GSIS executive vice president for finance Benedicto Arcinas said it was a policy of the System to require its representatives to remit to the state firm the earnings they received from private corporations where the System had investments. –Fel Maragay, Manila Standard Today
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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