DAVAO CITY — The Government Service Insurance System (GSIS), announced that its members and pensioners will receive additional benefits starting this September.
GSIS, the government’s insurance arm, said funeral benefit of its members and pensioners will be increased from P20,000 to P30,000, said Robert Vergara, GSIS president and general manager.
GSIS also said more than 272,000 of its regular old-age and disability pensioners as of December last year will receive a “one-time benefit equivalent to one-month pension, or P10,000 whichever is lower.”
The agency said its nearly 6,000 pensioners who are aged 90 to 94 as of September this year will be granted a “milestone” benefit of P20,000 while over 1,100 of its pensioners aged 95 to 99 will receive P50,000 and 181 pensioners who are 100 years old and above will get P100,000.
Starting September 2 regular pensioners who will turn 90 years old will also be given P20,000 on their birthdays while P30,000 will be given to pensioners who will turn 95 years old and P50,000 to pensioners who will turn 100 years old.
Vergara said their pensioners who are 90 years old and above are “the most vulnerable members of GSIS.”
GSIS said it was able to get a “record financial performance in 2014” with total assets of P908 billion, income of P140 billion and revenues of P231 billion.
Vergara said the GSIS Board of Trustees is empowered to approve and adopt guidelines that will increase the benefits of GSIS members.
The increase in benefits will not have any adverse impact on the fund life of the Social Insurance Fund which stand at 2049 or the next 35 years said the agency in a press release.(davaotoday.com)
