MANILA, Philippines – State pension fund Government Service Insurance System (GSIS) said on Thursday, September 17, that its members and pensioners will receive additional benefits beginning this month.
GSIS noted that more than 272,000 regular old-age and disability pensioners as of end-2014 will receive a one-time benefit equivalent to one-month pension or P10,000 ($215.21), whichever is lower.
A “milestone” benefit scheme will also be introduced by GSIS:
- Nearly 6,000 pensioners who, as of September 1, are 90 to 94 years old, will get a milestone benefit of P20,000 ($430.43)
- Over 1,100 pensioners who are 95 to 99 years old will receive P50,000 ($1,076.08)
- 181 pensioners who are 100-years-old and above will get P100,000 ($2,152.16)
Starting September 2 and thereafter, regular pensioners will be paid the following milestone benefit on their birthday:
- P20,000 ($430.43) to pensioners who will turn 90 years old
- P30,000 ($645.65) to pensioners who will turn 95 years old
- P50,000 ($1,076.08) to pensioners who will turn 100 years old
“Pensioners who are 90-years-old and above are the most vulnerable members of GSIS,” GSIS president and General Manager Robert Vergara said.
Under Republic Act No. 8291, the GSIS Board of Trustees is empowered to approve and adopt guidelines that will increase the benefits of GSIS members.
GSIS said that it is in a position to enhance these benefits due to its record financial performance in 2014.
The benefit enhancements will not have any adverse impact on the fund life of the Social Insurance Fund, which stands at 2049 or 35 years, the pension fund said.
Total assets reached P908 billion ($19.55 billion); income spiked to P140 billion ($3.01 billion); and revenues totaled P231 billion ($4.97 billion).
GSIS also previously said that the funeral benefit of its members and pensioners will be increased from P20,000 ($430.43) to P30,000 $645.65).
“The funeral benefit was increased in 2001 or 14 years ago when it was raised from P18,000 ($387.38) to P20,000 ($430.43). The increase is long overdue,” Vergara said. – Rappler.com
$1 = P46.47
There are no comments yet. Add your comment to start the conversation.