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Monday, August 19, 2019

SSS pension increase in January 2017

THE calls for increased SSS monthly pension will become a reality by January 2017.

This was assured by Joint Resolution (JR) 10, which is the substitute measure to all House Bills calling for additional pension for SSS members.

It mandates a P2,000 increase which will be given in two tranches, the first tranche of P1,000 starts in January 2017 and the second tranche of P1,000 will be extended in December 2019.

Among those whole filed a bill on SSS Pension Increase is Baguio Representative Mark Go who submitted House Bill (HB) 1853 last July 21. The bill amends the Social Security Act of 1997 by increasing the minimum pension from P1,200 to P3,200.

“I am glad that finally, SSS pensioners will receive a significant pension hike to help augment the meager amount they currently receive as monthly pension for their food sustenance and maintenance medicines, especially senior citizens,” said Go.

“We filed this SSS bill to help the private sector retirees cope with the high cost of living expenses against an inadequate financial source. The need for increased pension was abundantly clear during the hearings in the Committee,” he added.

JR 10 is set for plenary deliberation and approval in both chambers of Congress before the Christmas break on December 15.

“JR 10 is similar to my original proposed bill of providing the increase thru tranches. With HB 1853, the additional P2,000 is to be implemented in four tranches in consecutive years to mitigate the impact on the SSS financial portfolio. I am glad that the intent of JR 10 is also to seek a compromise measure that will provide the needed pension increase but will also help the SSS management to make institutional reforms in the next three years to ensure the fund’s survival for future pensioners,” added Go.

“This is a workable solution. I understand the side of the SSS fund managers regarding the fund’s life but this can be solved by better fund management. What is clear is that the actual value of the 1,200/ month SSS pension is worth only around 500 pesos due to inflation and this is too low to even meet the basic needs of SSS pensioners.” (PR)
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