Early Christmas: GSIS releases P3.93-B cash gift to 411,692 pensioners

The Government Service Insurance System (GSIS) distributed on Thursday P3.93 billion in expanded Christmas cash gifts to some 411,692 pensioners.

In a statement, the GSIS said that for the first time, the incentive will also be given to pro rata and Portability Law pensioners.

This marked a significant expansion policy shift as the 14,992 old-age, retirement and disability pensioners were previously excluded.

Pro rata pensioners refer to those who rendered at least 15 years of service, but have less than 15 years of paid premiums. Those under the Portability Law are retired pensioners with combined GSIS and Social Security System contributions.

“We want our pensioners to feel valued and supported, especially during the Christmas season. That is why we expanded the coverage of the Christmas cash gift to include an additional 14,992 pro rata and Portability Law pensioners,” GSIS President and General Manager Wick Veloso said.

Exemptions

The Christmas cash gift is equivalent to one monthly pension or P10,000, whichever is lower.

The pension fund also announced that the December monthly pension will be credited earlier on Dec. 5 instead of the usual Dec. 8, to give pensioners more time to prepare for Christmas expenses.

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According to GSIS, the cash gifts will be automatically credited to the GSIS ATM accounts of eligible pensioners.

However, the cash gift does not apply to survivorship and dependent pensioners, recent retirees who availed themselves of the 18× cash payment under Republic Act No. 8291, and those whose five-year lump-sum period ends after Dec. 31, among other categories reiterated by the GSIS.

The GSIS added that pensioners should confirm their status through the Annual Pensioners’ Information Revalidation (Apir) and that those whose pensions are suspended may claim their cash gifts once they comply with the Apir.