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Saturday, October 02, 2004
Solons bat for merger of GSIS, SSS
SOME legislators and government officials have expressed support to a proposal to merge Government Service Insurance System (GSIS) and Social Security Service (SSS).
Budget Secretary Emilia Boncodin said a merger would assure members of both pension funds of more stable financial status of the two corporations.
Boncodin said the Department of Finance conducted a study on the possible merger of the two corporations in 2000 but it did not materialize because the move requires the passage of a law to that effect.
The GSIS and the SSS were created through legislative measures.
She said the government also needs at least three to four years to settle the organizational structure of one pension fund company.
But she expressed optimism that the merger would assure members of a better retirement scheme.
"The rationale of this is that the bigger the company, the better benefits and pension for the members," Boncodin said.
During the hearing of the proposed 2005 budget, Sen. Sergio Osmeña proposed the merger of the GSIS and SSS and that he asked the government if this is possible in the present set-up.
Osmena made the proposal to settle the problem in the release of pension and retirement benefits.
Villar said the Department of Finance (DOF) should conduct a study on how much the government can save if the GSIS and SSS merge. JPM
(October 2, 2004 issue)
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