GSIS pensioners to receive higher funds next year

MANILA, Philippines - Starting next year, pensioners of the Government Service Insurance System (GSIS) will start receiving increased financial benefits. Pensions for old-age and disability beneficiaries will rise to P7,800 from P7,200 a month, GSIS president and general manager Winston Garcia said in a statement issued Friday. "The continuously improving net income of the GSIS, even in the face of financial crises, has been the main reason why our pensioners consistently enjoy the highest average monthly pension in the country," Garcia said. Basic survivorship and dependent pensioners, as well as retirees and joint-life beneficiaries who got their pension in advance or in lump sum are not yet qualified for the increase in January. New retirees who availed of 18 times the monthly pension in lump sum and the immediate monthly pension would only be entitled to the annual pension increase after five years. Garcia said GSIS pensioners have enjoyed an increase in benefit of as much as 84 percent since 2000. Garcia said GSIS remains on track of its P50-billion profit target this year despite the financial crisis in the United States. - GMANews.TV