MALACAÑANG signed Wednesday, February 22, a memorandum giving a green light for the release of the P1,000 increase in the monthly pension of Social Security System (SSS) members.
Executive Secretary Salvador Medialdea, who signed the memorandum, informed SSS Chairperson Amado Valdez and SSS President Emmanuel Dooc that the Malacañang approved the proposed increase in the benefit of qualified SSS pensioners and beneficiaries, retroactive from January this year.
"Upon representations made by SSS, and subject to existing laws, rules and regulations, please be informed that the P1,000 increase in benefits of qualified SSS retirees, survivors and permanently disabled pensioners, effective January 2017, has been approved," the memorandum read.
President Rodrigo Duterte approved the SSS pension hike last January 10.
Presidential Spokesperson Ernesto Abella said the increase would be taken from the current SSS contributions and Investment Reserve Fund.
In a text message, Dooc also provided a schedule of payment:
1. January differential of P1,000 - March 3, 2017
2. February differential of P1,000 - March 10, 2017
3. March differential of P1,000 - March 17, 2017
"Starting April 2017, the additional P1,000 increase shall be incorporated in the regular pension," Dooc said.
The pension hike will result in the increase of contribution rate of SSS members to 12.5 percent in May, from the current 11 percent contribution rate. (SunStar Philippines)
Like and follow SunStar Philippines on Facebook.