GSIS says willing to face Senate probe
11/27/2009 | 05:25 PM
State pension fund Government Service Insurance System said it is willing to undergo a Senate inquiry about its pension disbursement scheme.
In a statement, GSIS belied claims of delayed payment of its benefits to members.
“The GSIS is ready to face our esteemed senators to explain the improvement in the disbursement of pension benefit under the present management," it added.
Senator Francis Escudero has asked the Senate to probe GSIS over its alleged late payment of benefits.
But GSIS insisted that the schedule of the payment of benefits has been improved under the current GSIS management.
Since GSIS began crediting the benefit directly to the pensioners’ eCard Plus ATM account, the agency has been able to send the pay way ahead before the end-of-the-month deadline.
The pension fund for government employees also dared Escudero to name pensioners and provide pertinent details of them who had complained about late payments of their benefits.
GSIS added that to date, pensioners may withdraw their monthly benefit through any of the 6,000 automated teller machines of Bancnet, Megalink and Expressnet .
Pensioners living overseas, meanwhile, may withdraw their monthly pension from any ATM under the VISA PLUS network in the currency of the country where they stay.
GSIS said it disburses some P1.5 billion in pension benefits every month. Last year, it released a total of P15.2 billion in pension benefits and claimed that the amount even excludes the Christmas cash gift received by qualified pensioners.
In December 2008, the GSIS earmarked P1.18 billion in Christmas cash gift to its pensioners, higher by 27.6 percent from the P923-million budget allocated for the previous Christmas cash gift. - GMANews.TV
In a statement, GSIS belied claims of delayed payment of its benefits to members.
“The GSIS is ready to face our esteemed senators to explain the improvement in the disbursement of pension benefit under the present management," it added.
Senator Francis Escudero has asked the Senate to probe GSIS over its alleged late payment of benefits.
But GSIS insisted that the schedule of the payment of benefits has been improved under the current GSIS management.
Since GSIS began crediting the benefit directly to the pensioners’ eCard Plus ATM account, the agency has been able to send the pay way ahead before the end-of-the-month deadline.
The pension fund for government employees also dared Escudero to name pensioners and provide pertinent details of them who had complained about late payments of their benefits.
GSIS added that to date, pensioners may withdraw their monthly benefit through any of the 6,000 automated teller machines of Bancnet, Megalink and Expressnet .
Pensioners living overseas, meanwhile, may withdraw their monthly pension from any ATM under the VISA PLUS network in the currency of the country where they stay.
GSIS said it disburses some P1.5 billion in pension benefits every month. Last year, it released a total of P15.2 billion in pension benefits and claimed that the amount even excludes the Christmas cash gift received by qualified pensioners.
In December 2008, the GSIS earmarked P1.18 billion in Christmas cash gift to its pensioners, higher by 27.6 percent from the P923-million budget allocated for the previous Christmas cash gift. - GMANews.TV
