The Department of Education (DepEd) has acknowledged the issue of unremitted premiums and contributions of teachers and non-teaching personnel to the Government Service Insurance System (GSIS) and is actively working to address it. This comes in response to a recent report by the Commission on Audit (CoA) revealing that approximately P4.47 billion worth of premium contributions and loan amortizations deducted from salaries remain unremitted to the GSIS as of December 31, 2022.
To rectify the situation, the DepEd has taken steps to collaborate with the GSIS. On September 25, a memorandum of agreement was signed between the two entities, outlining the necessary actions to resolve the issue. As part of this agreement, GSIS account officers have been designated to exclusively handle the concerns raised by the DepEd.
The DepEd is committed to finding long-term strategies that will benefit its dedicated employees and workforce. They understand the importance of ensuring that the contributions made by teachers and non-teaching personnel are properly remitted to the GSIS, as this directly impacts the social security benefits and loan privileges that these individuals are entitled to.
It is crucial to highlight the significance of these contributions and their impact on the financial well-being of the education sector’s employees. The GSIS provides various benefits, such as retirement, disability, and survivorship pensions, to its members. Additionally, it offers loan programs that assist members in times of financial need. By ensuring the proper remittance of contributions, the DepEd is safeguarding the future financial security of its workforce.
While the CoA report sheds light on the issue, it is important to note that the DepEd’s cooperation with the GSIS demonstrates their commitment to resolving the matter promptly. By proactively addressing the unremitted contributions, the DepEd aims to not only rectify the current situation but also prevent similar occurrences in the future.
In light of the international audience, it is essential to provide context regarding the local laws and customs surrounding social security contributions in the Philippines. The GSIS is a government-mandated social insurance institution that provides social security benefits to government employees. These benefits are funded through contributions deducted from the employees’ salaries.
It is worth noting that the timely remittance of these contributions is crucial to ensure the smooth operation of the GSIS and the provision of benefits to its members. The DepEd’s commitment to resolving the issue demonstrates its dedication to upholding the rights and welfare of its employees.
In conclusion, the DepEd is actively working to address the issue of unremitted premiums and contributions to the GSIS. By collaborating with the GSIS and seeking long-term strategies, the DepEd aims to rectify the situation and safeguard the financial security of its dedicated employees and workforce. This commitment highlights the importance of proper remittance and the significant impact it has on the social security benefits and loan privileges of teachers and non-teaching personnel. Through these efforts, the DepEd is taking proactive measures to resolve the issue and prevent its recurrence in the future.
Source: The Manila Times