GSIS releases P85B in benefits from Jan-Nov
More state workers got a taste of their pension contributions.
Payouts made by the Government Service Insurance System (GSIS) totalled P85 billion from January-November 2017, spelling a double digit increase from the P75.1 billion paid during the same period a year ago.
These claims covered pension, retirement, life insurance, survivorship, disability, and funeral expense benefits to government employees and their kin.
Some 316,323 former state workers received pensions totalling P7.5 billion during the period, while insurance and retirement claims reached P616.8 million and P980.2 million, the GSIS said in a statement.
?This year, we further reduced the TAT for the processing of retirement claims to 30 days, which is even more stringent than the 90 days prescribed under the law,? GSIS President and General Manager Jesus Clint Aranas said, noting a 100 percent efficiency in premium payments.