MANILA, Philippines — The state-run pension fund Government Service Insurance System (GSIS) will give away, beginning Dec. 10 (Thursday), a total of P2.6 billion in Christmas cash gift benefits to 235,180 pensioners.
This year’s allocation for disability and old-age pensioners would be 8 percent more than the P2.4 billion granted in 2014, GSIS president and general manager Robert G. Vergara said in a statement on Wednesday.
According to the GSIS, pensioners who received cash gifts amounting to more than P10,000 last year will receive a one-month pension not more than P12,600 this year.
For those who got cash gift benefits worth P10,000 or less in 2014, they would get this year one month of pension not exceeding P10,000, the GSIS said.
“Retirees who availed of the five-year lump-sum retirement benefit and have become pensioners after Dec. 31, 2014 will get their cash gift for the first time this year in an amount equivalent to their one-month pension up to a maximum of P10,000,” the GSIS said.
“Pensioners living abroad and those in the Autonomous Region in Muslim Mindanao who are on suspended status as ofDec. 31, 2015 are also eligible to receive this benefit provided they activate their status not later than Apr. 30, 2016. They will receive their cash gift not later than May 31, 2016,” the GSIS added.
As for dependent and survivorship pensioners as well as retirees who would receive regular monthly pension after Dec. 31 this year, the GSIS said they “are not entitled to receive the cash gift.”
“Also ineligible to receive the cash gift are new retirees from 2011 to 2015, as they will only receive their first cash gift five years after their retirement date; members who were separated from the service from 2006 to 2015 before reaching age 60, as they will be entitled to the benefit five years after regularly receiving their pension; pensioners under Republic Act No. 7699 (Portability Law); and pensioners receiving pro-rata pension,” it added. SFM