GSIS explains e-Card for pensioners
By Rose B. Palacio
Davao City (12 April) -- The Government Service Insurance System (GSIS) regional office has explained on the latest e-Card program of the government which is meant to expedite payments of monthly pension and give pensioners the opportunity to enjoy the full benefits of their pension.
GSIS Davao manager Mario Mojica, in an interview over Arena XI Forum over DXRP Radyo ng Bayan anchored by Josette Olivera and the Philippine Information Agency explained that through this new program, the electronic crediting facility of e-Card, pensions are credited directly to the account of the pensioners.
This prevents unscrupulous persons from taking advantage of pensioners through the discounting of pension benefits, Manager Mojica explained.
Before the e-Card, pensioners need to wait for weeks to have their checks mailed, deposited, cleared and encashed. Pension checks were likewise subjected to theft and misdelivery.
Unreported changes in addresses also result in pension checks being returns and cancelled. Worst, spurious GSIS checks proliferated despite efforts to secure printing procedures.
Administratively, the check payment system is costly and difficult to maintain. GSIS releases more than 300,000 pension checks per month to pensioners or 3,900,000 checks per year (including cash gift).
At P50.00 per check, the cost of annual mailing alone reached no less than P195.00-million. These does not even mention the big manpower requirement, huge reconciliation work and high overhead costs that go into the administration of a check payment system.
Today, GSIS pensioners can expect their pensions to be deposited to their e-Card accounts on the first working day of every month. They can also withdraw their pension immediately through any of the 6,000 Megalink, Bancnet, and Expressnet ATMs all over the country.
To increase distribution outlets, GSIS, through the Union Bank of the Philippines, is also entering into an agreement with M. Lhuillier for over-the-counter withdrawals using its point of sale (POS) machines of their 900 branches all over the country.
When abroad, pensioners can also withdraw their pension through Visa Plus Network ATMs, in the currency of the country where they are, Mojica further explained. (PIA-XI) [top]