The Government Service Insurance System (GSIS) has approved a P600 increase in the monthly pension of its old-age and disability pensioners.
GSIS president and general manager Winston Garcia said with the increase – to be implemented starting January 2009 – the average monthly old-age and disability pension would amount to P7,800 from P7,200 at present.
According to GSIS records, on the average, a GSIS pensioner gets about P7,200 in tax-free monthly pension. This is more than twice the average P3,000 monthly pay other pensioners receive, Garcia said.
Those who are entitled to the increase include pensioners under Republic Act 8291, Presidential Decree 1146 and RA 660 who are receiving their regular monthly pensions. Furthermore, Garcia said old-age, retirement pensioners, joint-life retirees and disability pensioners are also eligible to receive higher monthly pensions.
On the other hand, dependent pensioners and those falling under the basic survivorship category will not be covered by higher monthly pensions, Garcia said.
Retirees who received in advance their guaranteed pensions in the form of lump sums and those who are still in their guaranteed period are not yet qualified for the increase. They shall only be entitled to pension increases that may be granted upon the resumption of their regular monthly pension, Garcia said.
New retirees who availed of 18 times the basic monthly pension as lump sum plus immediate monthly pension will also be entitled to the annual pension increase after five years of being regular pensioners.
Since 2000, the GSIS has constantly increased its monthy pension.
“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.
In 2007, GSIS increased its earnings to P41.3 billion from P40.9 billion in 2006. This year, the pension fund expects to breach its income target of P50 billion.–Iris C. Gonzales, Philippine Star
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
