State-run Government Service Insurance System said Wednesday it is set to release P2.6 billion worth of cash gift to old-age and disability pensioners in celebration of the Christmas season this month.
GSIS president and general manager Robert Vergara said the allotment for the cash gift for the elderlies was 8 percent higher than the P2.4-billion allocation in 2014.
GSIS said around 235,180 old-age and disability pensioners would benefit from the cash gift.
Pensioners whose 2014 cash gift is above P10,000 are entitled to receive one-month pension not exceeding P12,600.
Those who received a cash gift of P10,000 and below in 2014 will be granted their one-month pension not exceeding P10,000.
Retirees who availed of five-year lump-sum retirement benefit and became pensioners after Dec. 31, 2014 will get their cash gift for the first time this year in an amount equivalent to their one-month pension up to a maximum of P10,000.
Pensioners living abroad and those in the Autonomous Region of Muslim Mindanao who are on suspended status as of Dec. 31, 2015 are also eligible to receive the benefit provided they activate their status not later than April 30, 2016. They will receive their cash gift not later than May 31 next year.
Survivorship and dependent pensioners and retirees who will be receiving their regular monthly pension after Dec. 31 are not entitled to receive the cash gift.
New retirees from 2011 to 2015 are not eligible to receive the cash gifts. The agency said they will only receive their first cash gift five years after their retirement date.
Members who were separated from the service from 2006 to 2015 before reaching age 6will be entitled to the benefit five years after regularly receiving their pension.
GSIS increased the benefits for its pensioners and members in September.
GSIS launched the “milestone” benefits scheme for pensioners who are 90 to 100 years old and above.
Under the scheme, P20,000 will be given to pensioners aged 90 to 94 years; P50,000 to pensioners aged 95 to 99 years; P100,000 to pensioners who are 100 years old and above.
GSIS said as of Sept. 1 this year, there were 6,000 pensioners with ages 90 to 94 years; 1,100 pensioners with ages 95 to 99 years; 181 pensioners who were 100 years old and above.