The eCard program, above all, is meant to expedite the payment of monthly pension and allow pensioners the opportunity to enjoy the full benefits of their pension. Through the electronic crediting facility of the eCard, pension is credited direct to the account of the pensioners. This prevents unscrupulous persons from taking advantage of pensioners through the discounting of pension benefits.
Before the eCard, 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 resulted in pension checks being returned 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 the cash gift). At P50.00 per check, the cost of annual mailing alone reached no less than P195.00 million. This is not to 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 eCard 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 the point of sale (POS) machines of their 900 branches all over the country.
When abroad, pensioners can also withdraw their pension in ATMs with Visa Plus in the currency of the country where they are.
The upgraded version of the eCard, called the eCard Plus, will soon remove the need for pensioners to go to GSIS officers to comply with their yearly reporting requirement. The annual reporting of pensioners is being required as part of the monitoring system to determine their current status. With their eCard Plus, pensioners can simply report to the GSIS virtually by going to the nearest GSIS Wireless Automated System (GW@PS) kiosk, which are now installed in all GSIS offices and soon, in major government offices like DepEd Division Offices, provincial capitols and municipal halls of remote towns.
