Sunday, August 19, 2007 Arroyo approves 10% hike in SSS pension
PRESIDENT Gloria Macapagal-Arroyo has approved a 10 percent across-the-board increase of the pension of more than one million Social Security System (SSS) pensioners effective August 1.
SSS president and chief executive officer Corazon de la Paz said the President approved the increase on recommendation of the Social Security Commission, the institution’s policy-making body.
"Starting in September pensioners will receive in their accounts the 10 percent increase retroactive to the month of August on top of their regular pension," de la Paz said.
Covered by the increase are pensioners as of July 31, 2007.
This is the second time in less than a year that SSS granted a 10-percent hike in pensions. The last pension increase in September last year was the first increase in pension benefits since 2000.
The SSS has a total of 1.2 million disability, death and retirement pensioners. Pension amounts range from a monthly minimum of P1,000 to a maximum of P21,443.
SSS executive vice president and chief actuary Horacio Templo said the increase does not impair the actuarial soundness of the fund, which has lengthened to last until 2038.
