GSIS pensioners to receive cash gift before Christmas day

The Government Service Insurance System announced Tuesday that its Board of Trustees approved the allocation of Php1.8 billion as Christmas Cash Gift for its 219,000 old-age, retirement and disability pensioners who are receiving their regular monthly pensions as of December 15, 2012.

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“We will credit the cash gift to our pensioners e-Card accounts on or before Christmas Day,” GSIS President and General Manager Robert Vergara said.

Pensioners whose 2011 cash gift is Php10,000 and below, will receive an amount equivalent to one month current pension, up to a maximum of Php10,000. While pensioners whose Christmas Cash Gift last year is above Php10,000, will receive an amount equivalent to one month current pension, up to a maximum of Php12,600. Pensioners who resumed their regular monthly pensions after December 2011 (or the five-year guaranteed period) will receive an amount equivalent to one month current pension, up to a maximum of Php10,000.

However, some pensioners are deemed ineligible to receive the cash gift. These include: basic survivorship pensioners and dependent pensioners; retirees who received in advance their guaranteed pensions in the form of lump sums and who will be receiving their regular monthly pensions after December 31, 2012; and new retirees from 2008 to 2012 who will be entitled to the Christmas Cash Gift five years after their retirement date.

The same is also true for those members who separated from the service from 2006 to 2012 before reaching age 60 and who will be entitled to the cash gift once they have been regular pensioners for at least five years, and pensioners under RA 7699 (Portability Law) who are receiving their regular pro-rata pensions.

Vergara said this year’s Php1.8 billion cash gift to pensioners is 11 percent higher than the previous year’s grant of Php1.62 billion.

Source: GSIS
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