This is a wonderful news for members and pensioners of the Government Service Insurance System (GSIS). As they have recently announced, GSIS will be launching several additional benefits starting this month.
Robert Vergara, President and General Manager of GSIS, the pension fund’s funeral benefits have been raised by P10,000 so now it is worth P30,000.”
Vergara explained that the last time an increase has happened was already 14 years ago. He said, “The funeral benefit was last increased in 2001… when it was raised from P18,000 to P20,000. The increase is long overdue.”
In addition to that, elderly and disabled pensioners 90 years old and onwards will also be receiving special one-time pensions.
GSIS pensioners ages 90 years old at least by September of this year will be entitled to the benefits of the new program. Those ages 90 to 94 years old will be given P20,000. On the other hand, those who are 95 to 99 will be receiving P50,000 while those who reach 100 years old and above will be granted a whooping amount of P100,000.
Regular Pension Benefits
Beginning September 2, 2015, GSIS regular pensioners who are turning 90 will be receiving P20,000 while those who are at least 95 will get P30,000. Finally, pensioners turning 100 can look forward to a P50,000 pension.
As Vergara mentioned above, these increases and benefits are “long overdue.” Besides, it is the most senior of members that need help the most. “Our pensions who are 90 years old and above,” said Vergara, “are the most vulnerable members of GSIS.”
These added benefits and pension is definitely a welcome news for many. The extra cash will be useful for personal expenses such as medicine, food, and others.
Based on their reports, GSIS has reached P908 billion in total assets as of December 2014 while they had P140 billion for income and P231 billion for revenues.