MANILA, Philippines - State-run Government Service Insurance System (GSIS) has raised its minimum basic pension for old-age and disability retirees beginning this year.
Pensioners will no longer be receiving less than P5,000 a month starting January 2013, GSIS said in a statement.
Previously, about 58,000 retirees receive less than 5,000 a month or even below P100 a month.
Moreover, those that receive more than P5,000 but less than P8,000 monthly will receive an additional P200 on top of the regular 1.5% increase for all pensioners.
The increase was the pension fund's answer to a 2011 study on the situation of senior citizens in the country that showed the need to augment their pensions amid increasing commodity prices.
GSIS, however, clarified that survivorship pensioners do not face an increase in minimum basic pension.