Guide on GSIS Penalty Condonation Offer for Agencies w/ Unpaid Premiums
GSIS PENALTY CONDONATION – Here is a guide on the qualifications set under this grant of the Government Service Insurance System (GSIS).
Not only the small companies were affected by the COVID-19 pandemic but as well as some established firms. There are private and public agencies that managed to stay afloat amid the pandemic but they got some insufficiencies like not being able to pay for the premiums of their employees.
For most private companies that failed to remit the monthly contributions of their workers, it is usually because of financial constraints. For public companies, there are various reasons. Regardless of the reason, unpaid premiums of the employees may incur penalties.
The good news for members of the Government Service Insurance System, more commonly called GSIS, is that they can condone the penalties incurred because of unpaid premiums.
Government agencies who missed to pay the monthly premiums of their employees may turn to the GSIS penalty condonation offer to waive a percentage of the penalties incurred. It aims to help the public agencies in ensuring that the employees will enjoy their privileges and get the correct computation of their benefits.
Which public agencies are qualified to apply for the GSIS penalty condonation offer? According to the Government Service Insurance System, the following qualifications will be observed:
- no existing agreement on premiums settlement with GSIS
- no pending cases due to non-remittance of premiums
According to GSIS, this offer is also open for government agencies that were previously under the Social Security System (SSS) but are now under it and as well as agencies that previously inked a memorandum of agreement with the social insurance institution but failed to comply with the terms and conditions of the said agreement. The non-compliance must be because of valid reasons. All applications are subject to the approval of the board.
Do you want to apply for it? You may visit – GSIS.
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