MORE or less 100,000 pensioners of Social Security System (SSS) in Panay Island and Guimaras are expected to benefit once the proposed P2,000 across the board pension hike will be fully approved.
Raul Casiano, officer-in-charge of SSS Western Visayas II Division, said newly-appointed Social Security Commission Chair Amado Valdez recommended to the House Committee panel the implementation of a P2,000 pension increase which will come in two tranches.
The P1,000 initial increase will likely be in January 2017 and the other P1,000 across the board pension will be in 2022 or earlier.
“Let us wait for the final outcome since the proposal was only presented to the House Committee and this has yet to be discussed in the plenary, so let us wait for the result. We, in the SSS, whatever will be the decision will simply implement,” said Casiano in a press conference facilitated by the Philippine Information Agency-Iloilo Wednesday, November 16, a day after the news broke out that the proposed P2,000 across-the-board pension hike got the nod of the House Committee panel.
The average monthly pension of SSS retirees in Iloilo is at P3,229 while the lowest is P1,000 and the highest is P17,481.
Once the proposed across the board pension is approved, retirees who receive P1,000 will have an initial additional P1,000 for a total of P2,000.
It was in 2014 when SSS last adjusted the pension of its member retirees by providing a 5 percent increase.
Casiano said they do not oppose the proposed increase, only, there should be a sustainable funding source to make up for the pension increase.
One of the proposed funding sources is increasing the contribution of members. (PIA)