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Government Service Insurance System (GSIS) Increases Pension
« on: December 15, 2007, 11:18:10 PM »
By Iris C. Gonzales
The Philippine Star

State-owned Government Service Insurance System (GSIS) has increased the amount of monthly pensions for old-age beneficiaries.

In a resolution, the GSIS Board of Trustees, raised the amount of the average monthly benefit of old-age pensions to P7,200, compared to an average of only P3,000 monthly given by other pension funds.

Since 2000, the GSIS has increased its monthly pension benefit by as much as 84 percent.

The pension it initially provides 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 pension adjustment, which takes effect in January, provides for a two percent increase based on 2005 monthly benefits of old age pensioners who are getting pension as of end-2005.

For the first nine months of the year, GSIS has recorded a 20-percent increase in its net operating revenues to P35 billion from P29.2 billion in the same period last year.

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