GSIS pensioners receive the most in pension benefits

Pensioners of Government Service Insurance System will continue to get the highest retirement benefits as the state pension fund further increased the amount of pension it provides.

In a resolution, the GSIS Board of Trustees ordered for the increase in the amount the old-age pensioners receive monthly.

With this directive, the average monthly benefit GSIS old-age pensioners receive has gone up to about P7,200, the highest in the land, as other pension funds provide an average of only P3,000 monthly.

The record-high amount of GSIS pension benefits is largely due to the fact that it is the only pension fund that never stopped providing pension increments every year. Since 2000, the GSIS has increased its monthly pension benefit by as much as 84 percent.

Likewise, GSIS offers the highest starting pension, which goes as high as 90 percent of the average monthly salary (for the last three years) of a retiring employee who attained 36 years of creditable service.

The board resolution provides for a two percent increase based on 2005 monthly benefits of old-age pensioners who are getting pension as of end of 2005 as well as two percent of original pension for those who became qualified to become regular pensioners after 2005.

The GSIS board also reminded qualified pensioners to activate their eCard Plus immediately at any G-W@PS kiosk so that they can start enjoying these benefits.

The amount of benefits allotted to pensioners can be attributed to the robust income of GSIS. — Jasmin R. Uy/LPM