GSIS posts greater benefit payout for first 11 mos of 2017

STATE pension fund Government Service Insurance System ( GSIS) has announced that it paid more than P85 billion in social insurance claims and increase compared to the P75.1 billion in the same period last cover pension, retirement, life insurance, survivorship, disability, and funeral.

The growth is attributed to the increased monthly old age pension of P7.5 billion cover - vorship benefit amounting to pensioners, as well as life insurance and retirement claims of P616.8 million and P980.2 million, respectively.

The number of life insurance claims processed also rose 21.2 retirement claims processed

GSIS President and General Manager Jesus Clint Aranas said that the higher payout in social “due to the strict monitoring of turnaround time ( TAT) in the processing of these claims and the attainment of 100 percent - ments for premiums.”

“This year, we further reduced the TAT for the processing of re is even more stringent than the 90 days prescribed under the law,” Aranas said.

In September 2017, 88 percent of the transactions on retirement or separation and life insurance claims were processed

To fast track the processing of retirement claims, the pension fund chief said that GSIS undertakes a pre- reconciliation of premium and loan records of members who have filed a request or application for retirement, 90 days before the actual date of their retirement. Through GSIS also regularly sends the list of possible retiring members for the submission of their updated service records to GSIS.