ROXAS City – Would-be retirees must plan ahead how to ‘wisely’ spend their pensions, according to the Government Service Insurance System (GSIS).
They must be “financially literate,” said GSIS-Roxas City branch manager Rosenie Chavez during a pre-retirement seminar and stakeholders’ dialogue in this capital city early this month.
The seminar-dialogue had two batches, including a total of 300 GSIS members from national government agencies and local government units.
Chavez discussed the retirement packages and loan privileges for pensioners.
Under the five-year lump-sum retirement package, the retiree will receive an amount equivalent to his or her 60-month or five-year basic monthly pension (BMP).
The retiree will receive the monthly pension after five years.
Meanwhile under the 18-month cash payment, the retiree will receive an amount equivalent to his or her 18-month BMP payable upon retirement.
Chavez said the event is in line with GSIS’ commitment to promote service responsiveness and transparency to its members. (With PIA/PN)
