RESOLVED, to APPROVE the grant of the 2003 Christmas Cash Gift to all regular pensioners not earlier than December 15, 2003, subject to the following guidelines:

1.      Entitlement

1.1    Entitled to the Christmas Cash Gift are the following pensioners under R.A. 8291, P.D. 1146 and R.A. 660 who are receiving their regular monthly pensions; and are still qualified to their corresponding pensions and living as of December 31, 2003:

1.1.1    Old-age/retirement pensioners, including joint-life retirees;

1.1.2    Disability pensioners;

1.1.3    Joint-life beneficiaries

1.2    Entitled also are old-age/retirement/ disability pensioners under R.A. 7699 (Portability Law) who are receiving their regular pro-rata pensions and are still qualified and living as of December 31, 2003

1.3    Not entitled are:

1.3.1    Basic survivorship and Dependent Pensioners.

1.3.2    Deferred Annuitants who received in advance their guaranteed pensions in the form of lump sums and who are still within the guaranteed period and who shall be resuming their regular monthly pension after December 31, 2003.

1.3.3    Separated Members who separated from service before reaching the age of 60 and who shall be starting their regular monthly pension after December 31, 2003.

2.      Amount of Cash Gift

One Month Pension up to a maximum of P12,600.00

3.      Financial Requirements for the Social Insurance Fund

Total Projected Number of Pensioners

      Old-Age/Retirement/Disability Pensioners
120,502     Average Monthly Pensions:   Old-Age/Retirement/Disability Pensioners P4,949     Total Amount Required P587 M     Pension increase, effective January 1, 2004  

Adopted: 19 Nov. 2003 (Board Meeting No. 22)