Non-Remittance of GSIS Premiums and Loan Amortizations Within Prescribed Period
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe department deducted money from employees' pay for GSIS (government insurance) but did not remit all of it on time. This delays employee benefits and could result in interest penalties.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"The DPWH was able to deduct and withhold Government Service Insurance System (GSIS) premiums and loan amortizations of P2,111,300,220.72 from prior and current years' transactions, net of adjustments, of which P20,384,541.68 was not remitted to GSIS contrary to Section 14 of the Implementing Rules and Regulations (IRR) of Republic Act (RA) No. 8291, which requires remittance within 10 days prescribed period set under Section 14 of the IRR of RA No. 8291."