GSIS distributed P15.20-B pension benefits in 2008

Published by rudy Date posted on August 31, 2009

The Government Service Insurance System (GSIS) released P15.20 billion in pension benefits in 2008, conveniently disbursing bulk of the amount through a pioneering service called eCard Plus.

Of the amount, P13.141 billion was for the pension benefits of old-age pensioners while some P2.06 billion was for survivorship pensioners.

The GSIS began disbursing pension benefits of old-age and survivorship pensioners via the eCard Plus in January 2007 and July 2008, respectively, as part of its commitment to improve and speed up the delivery of services to pensioners. Apart from the e-crediting of pension benefits, loan proceeds, except for housing loan, and other claims are already e-credited.

The new program rids of the antiquated check payment system where checks would usually take weeks before finally released and encashed.

With the monthly pension now credited to their eCard Plus, pensioners can immediately withdraw their pension from any of the 6,000 Bancnet, Megalink or Expressnet ATMs in the country.

Moreover, pensioners abroad who have an eCard Plus can already withdraw their monthly pension from any ATM under the VISA PLUS network at the currency of the country they’re in.

Monthly pension benefits are now credited to the eCard Plus account of GSIS pensioners on the eighth day of every month, or the next banking day, in case the eighth day falls on a weekend or holiday.

The GSIS implemented the new schedule in response to numerous requests from pensioners to immediately resume the regular crediting of their pension in case their pension accounts are suspended due to their failure to renew their active status as pensioner. With the new schedule, those who have renewed their active status on the last week or even on the last day of the previous month will be able to receive their pension immediately the following month.

Comparatively, pension crediting on the eighth day of every month is still faster as against the old pension disbursement system through checks. –Daily Tribune