Tuesday, February 06, 2007
Speak out: GSIS pension
By Dominico moneva
Cebu
THIS is a reaction to the article titled, “Review GSIS e-card service; members-pensioners complain about service fee for ATM transactions,” published in Sun.Star Cebu, News Plus, Page A-10 last Jan. 7.
Before the appointment of Winston Garcia to the position of president and chairman of the Government Service Insurance System (GSIS), GSIS pension funds were deposited at the Land Bank of the Philippines, a government bank. During this time, our old age monthly pension was increased by 10 percent.
Unfortunately, after his assumption, he reduced our pension adjustment to five percent in 2002.
On Nov. 19, 2003, the GSIS board of trustees passed Board Resolution 285 and 286, in consonance with policy based on GSIS Charter under Republic Act 8291, to adjust the old age pension of retirees to only 3.5 percent, “to ensure the long term solvency of the funds” under Garcia’s administration.
In 2006, it was no longer 3.5 percent but only three percent, and worst, the pension funds were deposited at the Union Bank, a commercial bank owned by the Aboitiz group of companies.
I used to receive my old age pension from the Development Bank of the Philippines (DBP), Cebu branch through a bank-to-bank transaction.
In the middle of December 2006, I was advised by GSIS-Cebu that my receipt of my pension at DBP-Cebu was to end that month, and I have to enroll for an automated teller machine (ATM) account to be prepared by the personnel of the Union Bank in the lobby of GSIS-Cebu.
Since it was the policy of the Board of Trustees, pensioners like me, who cannot even climb the stairs of the GSIS building, have to abide. I was issued an e-card. But on Jan. 2, 2007, the Union Bank Colon branch ATM was empty.
I went back on Jan. 4, 2007, only to find out that the increase in my old age pension was only three percent and a service fee of P7.47 was deducted from the amount.
My pension for December 2006 was P8,534.90, multiplied by .03 (representing the increase) or P256.05. All in all, my old age pension was to be P8,790.95. The sum of P2.321.77 was to be deducted from the total amount as amortization of my pension loan, and I would have had a remaining balance of P6,469.18.
But when I withdrew my pension at Union Bank, Colon branch, I only got P6,461.71, short by P7.47.
Why was there a deduction of P7.47 as service fee?
I hope the management of GSIS would be able to look into this.
For Bisaya stories from Cebu. Click here. (February 6, 2007 issue)
Write letter to the editor.Click here.
Join the Sun.Star message board.Click here. |
