Manila Bulletin

GSIS in­tro­duces fur­ther ben­e­fits for mem­bers

- By CHINO S. LEYCO

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.

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