GSIS Penalty Condonation on Unpaid Premiums: How Much Will Be Waived

Guide on GSIS Penalty Condonation on Unpaid Premiums Offer Coverage

GSIS PENALTY CONDONATION ON UNPAID PREMIUMS – Are you wondering how much will be waived under this Government Service Insurance System (GSIS) offer?

Amid the COVID-19 pandemic that brought a financial crisis in the Philippines and a “new normal” setting that required a lot of adjustments, private and public agencies have a lot to cope with to stay afloat. Many businesses and companies closed due to the great demand of the situation now.

For other companies including some government agencies, they managed to cope with the situation but there are few missed-outs – like paying the monthly premiums of the employees. Meanwhile, for public agencies that missed the premiums of their employees to the Government Service Insurance System (GSIS), there is an offer – the GSIS Penalty Condonation on Unpaid Premiums.

The GSIS Penalty Condonation on Unpaid Premiums will waive a percentage of the penalties incurred. How much will be waived? According to the social insurance institution, here are the possible situations and percentages of the penalties that may be waived:

• 40% condonation on the penalties of their outstanding premium obligations if their account is in arrears for 7 months to less than 25 months
• 35% condonation, if in arrears for 25 months to less than 37 months
• 30%, if 37 months to less than 60 months
• 20%, if 60 months and above

According to GSIS, on top of the percentage that will be waived under the GSIS Penalty Condonation on Unpaid Premiums offer, an additional 1% condonation may be granted to the public agency if not less than 20% of the total obligation is paid before the execution of the memorandum of agreement. If at least 15% of the total obligation is paid, an additional 5% condonation may be granted.

Do you want to check on the considerations under this offer? You may visit – GSIS Penalty Condonation: Qualifications Set Under this Grant.

Thank you for visiting our website. We hope we have helped you with regard to this matter. You may keep coming back for more informative guides.

READ ALSO: GSIS LOANS – 3 Ways To Apply For GSIS Loan Offer