STATE-RUN pension fund Government Service Insurance System (GSIS) will grant additional benefits to its members as well as pensioners beginning this month.
In a statement on Thursday, GSIS said the funeral benefit will be increased to P30,000 from P20,000 previously.
“The funeral benefit was last increased in 2001 or 14 years ago, when it was raised from P18,000 to P20,000. The increase is long overdue,” said GSIS president and general manager Robert G. Vergara.
Old-age (60 years old and above) and disability pensioners as of end-2014 will get a one-time benefit equivalent to one month of their pension or P10,000, whichever is lower.
The GSIS said over 272,000 regular old-age and disability pensioners will receive such benefit.
The pension fund added it will also introduce a “milestone” benefit scheme for pensioners 90 years old and above.
GSIS said those who are between 90 and 94 years old as of Sept. 1 will get the milestone benefit worth P20,000; pensioners aged 95 to 99 will receive P50,000; while pensioners 100 years old and up will be granted P100,000.
The GSIS estimated almost 7,300 old-age pensioners will receive milestone benefits.
“Starting Sept. 2 and thereafter, regular pensioners will be paid the following milestone benefits on their birthday: P20,000 to pensioners who will turn 90 years old; P30,000 to pensioners who will turn 95 years old; and P50,000 to pensioners who will turn 100 years old,” it added.
Vergara noted pensioners aged 90 and older “are the most vulnerable members.”
Despite the additional perks to members and pensioners, he said GSIS was “in a position to enhance these benefits due to its record financial performance in 2014,” during which profit more than tripled to P140 billion. Revenues reached P231 billion while assets stood at P908 billion as of end-2014.