RESOLVED, to APPROVED the grant of the 2005 Christmas Cash Gift equivalent to a one-month pension up to a maximum of P12,600.00 to all Regular Pensioners, in accordance with 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 living as of December 15, 2005;

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

1.2 Not entitled are:

1.2.1 Basic Survivorship Pensioners and Dependent Pensioners;
1.2.2 Joint-Life beneficiaries;
1.2.3 Retirees 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 15, 2005;

1.2.4 Separated members who separated from the service before reaching the age of 60 and who started receiving their regular monthly pension after December 15, 2005. They shall only be entitled to the Christmas Cash Gift if they have been regular pensioners for at least five (5) years;

1.2.5 Pensioners under R.A. 7699 (Portability Law) who are receiving their regular pro-rata pensions, including those who are receiving pro-rata pension as a result of the Premium-Based Policy.

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 Old-Age/Retirement/Disability Pensioners	128,514
Number of Pensioners
Average Christmas Gift	P5,766
Total Amount Required	P741M

4. Future Policy on Christmas Cash Gift

Effective January 1, 2006, all new retirees shall only be entitled to the Christmas Cash Gift that may be granted five (5) years after their retirement date.

Adopted: 16 Nov. 2005 (Board Meeting No. 22)