State pension fund Government Service Insurance System (GSIS) today announced that its members and pensioners will receive additional benefits starting this September 2015.
First, the funeral benefit of GSIS members and pensioners will be increased from Php20,000 to Php30,000.
“The funeral benefit was last increased in 2001 or 14 years ago when it was raised from Php18,000 to Php20,000. The increase is long overdue”, President and General Manager Robert Vergara said.
In addition, more than 272,000 regular old-age and disability pensioners as of 31 December 2014, will receive a one-time benefit equivalent to one-month pension, or Php10,000 whichever is lower.
Finally, GSIS will be introducing a “milestone” benefit scheme for nearly 6,000 pensioners who, as of 1 September 2015 are 90 to 94 years old that will be granted a milestone benefit of Php20,000; over 1,100 pensioners who are 95 to 99 years old will receive Php50,000; and 181 pensioners who are 100 years old and above will get Php100,000.
Starting 2 September 2015 and thereafter, regular pensioners will be paid the following milestone benefit on their birthday: Php20,000 to pensioners who will turn 90 years old; Php30,000 to pensioners who will turn 95 years old; and, Php50,000 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 in 2014. Total assets reached Php908 billion while income spiked to Php140 billion and revenues to Php231 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.
The benefit enhancements will not have any adverse impact on the fund life of the Social Insurance Fund which stand at 2049 or 35 years.
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