SSS and GSIS payments amounted to 33.09B

STATE pension fund managers announced last Thursday that they will release into the system 33.09 billion pesos (nearly $588 million at current exchange rates) when the benefits are disbursed to pensioners next week.

The pension fund for private workers is set to release about 29.74 billion pesos (about $529.06 million) covering 3.36 million retirees, said Michael G. Regino, president and CEO of the Social Security System (SSS). The latter will receive their pensions for the thirteenth month and December from the first week of the month.

On the other hand, the Government Service Insurance System (GSIS) said, a lump sum of 3.35 billion pesos is set to be released as a Christmas cash gift to more than 328,000 elderly and invalid pensioners.

We know the Christmas cash gift Really waiting for us GSIS retired This will make them happy this Christmas. until it starts Dec 6 previously-Credit it is in electronic card They have their own cash gift And they can A statement from President and General Manager Jose Arnulfo A. Veloso saying. [We know our GSIS pensioners are really waiting for the Christmas cash gift and this will make them happy this Christmas. So starting December 6, their cash gift has been credited to their ecard and they can now withdraw it.]

SSS payments

And according to Regino, they’ve also pushed for early pension credit for the 13th month and December 2022 this year “so our retirees can take it out before the holiday rush.”

The head of the social security system said the fund manager launched the first batch of pensions covering retirees with emergency dates during the first to the fifteenth day of the month.

On the other hand, the launch of the second batch is scheduled for December 4, which covers retirees with contingency dates within 16 to the last day of the month.

Since December 4th falls on a Sunday, retirees who are due to receive their pensions on the said date can expect them to be deposited into their account starting on the last business day before that, which is December 2nd.

Regino said SSS has asked non-PESONet participating banks to disburse annuities to their retired clients no later than December 4. He added that they also asked the Philippine Postal Corporation to expedite the delivery of the retirees’ checks. receive their pension in this way.

“Since December 1988, we have been giving our pensioners the thirteenth month’s pension, which is equal to their monthly pension,” said Regino. “This extra financial help or Christmas gift is our way of thanking them for their support of Social Security during their working years.”

Retirees eligible to receive a 13-month pension are SS pensioners, SS and employee compensation pensioners, total disability pensioners, including partial disability pension with a pension of at least 12 months.

GSIS retired

According to Veloso, GSIS retirees will receive an amount equivalent to their pension for a month up to a maximum of 10,000 pesos.

Eligible to receive a cash Christmas gift are old age and disability retirees under the following statutes and promulgation: Republic Act (RA) 8291 (GSIS Act of 1997); Presidential Decree 1146 (GSIS Amending Act of 1977); and RA 660 (“Magic 87”) who are receiving their regular monthly pension and are living from 30 November 2022.

In particular, GSIS said that these are pensioners who have benefited from the lump-sum benefit for 5 years and have resumed their regular monthly pension after December 31, 2021 (after a period of 5 years). Eligible members who left service from 2006 to 2022 before reaching the age of 60 began receiving their normal monthly pension from 2018 onwards and who have been regular pensioners for at least five years.

Old age and disability pension retirees who are on hold as of December 31, 2022 due to non-compliance with the Annual Retirement Information Revalidation (APIR) will also receive their cash gift after reactivating their status.

Meanwhile, the following are not eligible to receive the cash gift: Pensioners who have benefited from a lump sum for 5 years but will receive their usual monthly pension after December 31, 2022; survivors and dependents; retirees who have retired under RA 7699 (Transfer Act); and who receive a commensurate pension.

New retirees from 2018 to 2022 who have benefited from the cash payment for 18 months of their basic monthly pension and immediate annuity under RA 8291 will only receive their cash gift five years after they retire.

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