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State pension fund Government Service Insurance System (GSIS) disbursed P18.78 billion in pension benefits in the first 10 months of the year, up 11.36 percent from P16.87 billion in the same period last year.

GSIS said the increase was attributed to the growing number of pensioners that the pension fund services every year and the pension increase that was implemented in January of this year.

The last increase amounted to 1.5 percent based on 2005 monthly pension.

Of the total amount of pension benefits rolled out n January to October this year, P16.38 billion went to old-age pensioners, while P2.4 billion went to survivorship pensioners.

The GSIS has close to 280,000 active pensioners, old-age and survivorship combined, and disburses an average of P1.7 billion in pension benefits every month.

Pensioners of the GSIS remain as the highest-earning retirees in the country.

Apart from their monthly pension, eligible old-age pensioners are entitled to cash gifts at the end of the year which they receive electronically, a service unique to pensioners of the pension fund.

With the use of their eCard, GSIS pensioners can withdraw their monthly pension, cash gift, and even the proceeds of their pension loan from any Megalink, Bancnet, or Expressnet ATM nationwide.

Pensioners living abroad can also withdraw the same benefits and loan proceeds from any ATM abroad with a VISA Plus Network in the currency of the country they are in.

Before, pensioners living in the Philippines or abroad had to make personal appearances in any servicing GSIS office in the country once a year during their birth month to avoid suspension of monthly pension.

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