MAASIN CITY, July 24 (PIA) -- During the Authorized Agency Officers meeting and Strategic Planning held July 20 in Maasin City, an official of the Government Service Insurance System (GSIS) has clarified on the circulating reports that the ten years computation of pension is not true.
“The rumors you heard on the ten years computation of pension for retirees are not true, the proposal is only 5 years and it’s still at the lower house,” GSIS Branch Manager Cecilia C. Tenaja clarified.
She said that the computation of five years is due to the pension increase of members that started last January 2013 yet where the P200.00, P300.00 and up to P1,000 pension was raised to P5,000 across the board minimum pension for members.
The salary increases of government employees was also considered, and the premium based policy where the P16,000 maximum premium was raised to 90% from the Average Monthly Compensation (AMC) of members, without a corresponding increase in premiums, Tenaja added.
She said that the actuarial life of the state-owned pension fund will be affected although, GSIS’ actuarial life will run until 2051. “Actuarial life is the capacity and capability of GSIS to pay the benefits due to our members,” Tenaja disclosed.
Tenaja said that the bill filed at the lower house where the pension of retirees will be computed 5 years back for their monthly pension is only applicable to the new hired employees who will be affected when the bill will be approved. She clarified that those already working in the government will not be affected. (AJC/RGC/PIA8-SoLeyte)