GSIS, SSS release April pensions ahead of schedule as relief during COVID-19 quarantine
In an advisory, GSIS said it released pensions for its retired members on April 2, earlier than the regular disbursement set every eighth day of the month
Pensioners of Philippines’ Government Service Insurance System and the Social Security System have been given their monthly benefits ahead of schedule to provide some relief during the COVID-19 quarantine.
In an advisory, GSIS said it released pensions for its retired members on Thursday, April 2, earlier than the regular disbursement set every eighth day of the month.
GSIS President and General Manager Rolando Macasaet said pension payments were deposited Wednesday, allowing members to access them today.
We know that most of our retirees rely on their pension for their daily upkeep and maintenance medicines. We hope that this will somehow help ease the burden of our senior citizens during the crisis, Macasaet said, noting that ₱5.7 billion has been released to some 511,000 pensioners.
GSIS said its members born in March and April have also been given until May 15 submit paperwork for their annual renewal and revalidation, which is done to keep track of a pensioner's status. These old-age members are required to show up in GSIS offices or kiosks during their birth month to prove they are alive and are still entitled to their full pension benefits.
In a separate statement, SSS said one of its partner banks released April payouts for retired private sector workers as early as March 23. Others have pledged to release the funds this week, SSS President and Chief Executive Officer Aurora Ignacio said.
The pension fund has released ₱11.9 billion for the month, benefiting over 2.7 million retirees. However, Ignacio said pensions for succeeding months will be released during the regular schedule.
The entire Luzon as well as other provinces and towns in the country have been placed under enhanced community quarantine until mid-April in an attempt to contain the spread of COVID-19. Most establishments are closed and movement of people has been limited, except for crucial establishments like groceries, food preparation, and banks.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.