GSIS: P285M released to retirees due to revived computation policy

The Government Service Insurance System (GSIS) has disbursed P285 million in pension adjustments to 45,000 retirees as of February 2013 after reviving the policy of re-computing pensions based on the members' first day of retirement, the pension fund for government employees said Tuesday. “The decision to adopt the payment of proportionate pension in 2011 was based on the principle that pension is not a privilege but an earned right," said GSIS president and general manager Robert Vergara in a statement. Before the reinstatement of the policy, government employees' pensions were computed only starting from the month after retirement. Vergara said the new policy covers pensioners who retired on or after September 2009 and are in active status as of payment date. Pensioners received the amount through their eCards. GSIS credited P212 million in pension adjustments to 33,000 eligible pensioners in December 2011. In May 2012, the second tranche amounting to P50 million was credited to 8,000 retirees. The third tranche of P23 million covering 4,200 retirees was credited from December 2012 to February 2013. The final tranche, covering 1,870 pensioners, is scheduled for release this month. — BM, GMA News