State pension fund Government Service Insurance System (GSIS) will start releasing on December 1 more than Php 2.7 billion in Christmas cash gift to its old-age and disability pensioners.
Pensioners whose 2016 Christmas cash gift was above Php10,000 will be granted an amount equivalent to one-month current pension up to a maximum of Php12,600. Those whose 2016 cash gift was Php10,000 and below are entitled to receive an amount equivalent to one-month pension, but not to exceed Php10,000.
Retirees who availed of five-year lump-sum retirement benefit under Republic Act (RA) 8291 and resumed their regular monthly pension after December 31, 2016 will receive their cash gift for the first time this year, in an amount equivalent to a month’s pension up to a maximum of Php10,000.
Pensioners living abroad and those in the Autonomous Region in Muslim Mindanao who are on suspended status as of December 31, 2017 are also eligible to receive the cash gift, provided that they activate their status on or before April 30, 2018.
New retirees from 2013 to 2017 who availed of immediate pension under RA 8291 will receive their cash gift five years after their retirement date. Similarly, members who were separated from the service from 2006 to 2017 before reaching 60 years old and who started receiving their regular monthly pension between 2013 and 2017 will be entitled to the benefit five years after regularly receiving their pension.
Active members of state pension fund Government Service Insurance System (GSIS) will receive their corresponding yearly cash benefits starting December 15. GSIS earmarked Php225 million for the grant of dividends this year.
Qualified to receive the cash benefits are GSIS members whose compulsory life insurance policies have been in force for at least one year as of December 31, 2016.
Holders of compulsory life insurance policies that matured in 2016 and whose agencies were suspended as of December 31, 2016 are also eligible for the benefit.
However, GSIS members whose compulsory policies lapsed in 2016 are not qualified to receive the benefit.
Those whose policies were terminated due to death, retirement, or separation, as well as those with unpaid consolidated loans or premiums for at least 12 months as of December 31, 2016, are likewise ineligible.
GSIS will automatically credit the benefits of qualified GSIS members to their GSIS eCard or unified multipurpose identification (UMID) card. Crediting of the benefit will be done by batch or cluster to maintain orderly withdrawal of proceeds.
REPUBLIC OF THE PHILIPPINES
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