GSIS introduces further benefits for members
State-run Government Service Insurance System (GSIS) announced yesterday that its members and pensioners will receive additional benefits starting this month.
Robert G. Vergara, GSIS president and general manager said that the pension fund’s funeral benefit was raised by R10,000, while old-age and disability pensioners who are 90years-old and above will receive additional one-time pension.
Vergara said the funeral benefit of GSIS members and pensioners is now pegged at R30,000 from R20,000.
“The funeral benefit was last increased in 2001 or 14 years ago when it was raised from R18,000 to R20,000. The increase is long overdue,” Vergara said in a statement.
In addition, Vergara disclosed more than 272,000 regular oldage and disability pensioners as of end-December last year, will receive a one-time benefit equivalent to one-month pension, or R10,000 whichever is lower.
Likewise, he said GSIS will be introducing a “milestone” benefit scheme for pensioners who, as of September this year, are at least 90-years-old.
Under the program, pensioners who are 90 to 94-yearsold will be granted a milestone benefit of R20,000, while those who are 95 to 99 years old will receive R50,000, and 100,000 for those pensioners who are 100 years old and above.
Starting September 2, 2015 and thereafter, regular pensioners will be paid the following milestone benefit on their birthday: R20,000 to pensioners who will turn 90 years old, R30,000 to pensioners who will turn 95 years old; and, P50,000 to pensioners who will turn 100 years old.
“Our pensioners who are 90 years old and above are the most vulnerable members of GSIS,” Vergara said.
GSIS is in a position to enhance these benefits due to its record financial performance last year, Vergara said.
At end-December last year, GSIS total assets reached R908 billion, while income spiked to R140 billion and revenues to R231 billion.
Under Republic Act No. 8291 (GSIS Act of 1997), the GSIS Board of Trustees is empowered to approve and adopt guidelines that will increase the benefits of GSIS members.