Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
FM FINALS
| Question | Answer |
|---|---|
| mandated to provide and administer social security benefits for government employees | Government Service Insurance System |
| created GSIS | Commonwealth Act No. 186 |
| Date Commonwealth Act No. 186 was passed | November 14, 1936 |
| • Enhanced life policy • Life Endownment Policy | 2 Life Insurance Program - GSIS |
| GSIS provides life insurance after receipt of payment of the 1st monthly premium | Enhanced Life Policy |
| prior to August 1, 2003 also provides coverage against death, permanent total disability, & others | Life Endownment Policy |
| ensures that you are sufficiently rewarded when you finally decide to take that big step towards retirement | Retirement Programs |
| • Retirement under R.A 8291 • Retirement under R.A 660 • Retirement under R.A 1616 • Portability Law (R.A 7699) • Retirement under Presidential Act 1146 | Different Retirement Programs - GSIS |
| 5-year lump sum or cash payment with instant pension | Retirement under Republic Act 8291 |
| Magic 87 both annuity and lifetime pension | Retirement under Republic Act 660 |
| "take-all" option & gratuity payment | Retirement under Republic Act 1616 |
| Combine your GSIS and SSS creditable years of service to qualify | Portability Law (R.A 7699) |
| • After May 31, 1977, but before June 24, 1997 • Basic Monthly Pension (BMP) or Cash Payment | Retirement under Presidential Act 1146 |
| - benefits granted due to loss or reduction of earning capacity - loss or impairment of normal function - physical / mental - injury / disease | Disability Program |
| compensation package in the event of work-related injury, sickness, disability or death | Employees Compensation |
| • Cash income benefits for disability or death • Medical and related services for injury or sickness • Rehabilitation services • Burial • Survivorship | Options - Employees Compensation |
| when a member dies, his or her beneficiaries are entitled to cash and/or pension benefits | Survivorship |
| Provides a package of benefits in the event of death, disability, sickness, maternity, and old age | Social Security Program |
| Private employee (permanent, temporal, provisional) | Coverage - SSS |
| • Sickness • Maternity • Disability • Retirement • Death & Funeral | Benefits - SSS |
| daily cash allowance paid for the number of days a member is unable to work due to sickness or injury | Sickness Benefits |
| daily sickness allowance is 90% of the average daily salary credit | May 4, 1997 |
| cash benefit paid to a member who become permanently disabled, either partially or totally | Disability Benefits |
| atleast one contribution paid prior to the semester | Qualification - Disability Benefits |
| • Monthly pension (paid 36 months+) • Lump sum amount (not paid 36 months) | Types of Disability Benefits |
| cash benefit paid to a member who can no longer work due to old age | Retirement Benefits |
| • 60 yrs old – unemployed – paid 120 monthly contributions • 65 yrs old – employed/not – paid 120 monthly contributions | Retirement Benefits - Requirements |
| • Monthly pension (fully paid 120 months) • Lump Sum (paid less than 120 months) | Types of Retirement Benefits |
| cash paid to the beneficiaries of a deceased member | Death & Funeral Benefits |
| • Monthly pension (fully paid 36 months) • Lump Sum (paid less than 36 months) | Type of Death Benefits |
| Amended C.A #186 - GSIS | Republic Act No. 8291 |
| GSIS officially started its operations | May 31, 1937 |
| administers: • Employees' Compensation Program (work-related) • General Insurance Fund (non-life coverage) | GSIS |
| GSIS administered General Insurance Fund by virtue of | R.A 656 |
| All government personnel receiving fixed monthly compensation and have not reached the mandatory retirement age of 65 years | Compulsory Membership |
| • Government employed • Legislative bodies • GOCC • GFI | Regular Members |
| Required by law to remit regular monthly contributions to the GSIS | Uniformed personnel: • AFP • PNP • BJMP • BFP |
| • Constitutional commissioners • Members of the judiciary | Special Members |
| still in government service | Active member |
| separated from the service - deemed retired | Inactive member |
| 9% of actual monthly salary | Employee's Share |
| 12% of actual monthly salary | Employer's Share |
| 3% of fixed monthly compensation | Special Members Contribution |
| First 10 days of the calendar month following the month to which the contributions apply | Remittance of Contribution to GSIS |
| • Not less than two percent (2%) interest per month • Loan amortizations - imprisonment (1-5 yrs) & fine (10k-20k) • Pay surges & interests | Penalty for Late Remittances - Agencies |
| • Annual dividend privileges are cancelled • Unpaid loans will be deducted from the proceeds that will be due | Penalty for Late Remittances - Members |
| Factors determine Interest Rate | • Demand for money • Level of government borrowings • Supply of money • Inflation rate • RBI & Government policies |
| Long-Term Financial Investment | • Post Office Saving Scheme • Company Fixed Deposits • Public Provident Fund • Bonds & Debentures • Mutual Funds |
| • Compulsory Life Insurance • Optional Life Insurance • Retirement Benefits • Disability Benefits • Death Benefits | GSIS - SOCIAL SECURITY BENEFITS |
| Government Owned and Controlled Corporation (GOCC) | GSIS |
| • Legitimate Spouse • Legitimate, legitimated, legally adopted, illegitimate children | Primary Beneficiaries (Death & Funeral) |
| Parents | Secondary Beneficiaries (Death & Funeral) |
| secure the future of all employees of the Philippine government provides and administers a pension fund | GSIS |
| transformed into a more comprehensive social insurance scheme | 1951 |
| A member separated from the service shall continue to be a member | Effect of Separation from the Service |
| • Employer-based contribution benefit • Employee not required to contribute | Employees Compensation |
| • Unable to work due to sickness & confined • Hospital/home (at least 4 days) • Paid at least 3-month contribution • Used up company sick leaves • Notified employer | Sickness Benefits Requirements |
| provides comprehensive insurance coverage to assets and properties | General Insurance Fund |
| • Resignation • Retirement • Disability • Dismissal from the service • retrenchment | Inactive member |
| very similar to mortgage and savings bank | Savings and Loan Association |
| allowing small farmers to finance their needs | Rural Bank |
| underwriting of securities of other corporations | Investment Banks |
| recieve savings from members and lend funds | Buildings and Loan Association |
| inculcation of the habit of thrift | Credit Union |
| contribute to socio-economic development & clients | Private Insurances |
| provide credit to small borrowers | Pawnshops |
| administering holding property or on deposit | Trust Companies |
| accumulating the savings of it's members | Non Stock Savings and Loan Association |
| extend credit facilities | Financing Companies |
| GSIS started its operation | May 13, 1937 |
| SSS started its operation | September 1, 1957 |
| impose service charges | Demand Deposit |
| maintained with intention of making transactions | Demand Deposit |
| do not enjoy cheque-ability | Time Deposit |
| less interest rate on fixed deposits | Savings Deposit |
| loan against current assets | Cash Credit |
| Loan that can be recalled by bank anytime | Demand Loan |
| PDIC was established | June 22, 1963 |
| PDIC created under | R.A 3591 |
| made banks'membership to PDIC mandatory | R.A 5571 |
Created by:
ch1zu
Popular Finance sets