IFUGAO Representative Teddy Baguilat is asking the public to think of the next generation in the Social Security System (SSS) pension issue.
“Malacañang has good arguments why it was vetoed, so I am keeping my options open,” Baguilat in a statement said.
President Benigno Aquino III has vetoed a bill raising the monthly pension of SSS retirees by P2,000 despite a possible public backlash.
House Bill 5842 seeks to amend Section 12 of Republic Act No. 1661 or the Social Security System Act of 1997.
Aquino said the P2,000 across-the-board increase with a corresponding adjustment of the minimum monthly pension would result in substantial negative income for the SSS since the proposed hike per retiree multiplied by the present 2.15 million pensioners would result in a total payout of P56 billion annually.
“We may be helping our seniors with the law but it might be a big problem for the next generation of retirees if the pension fund runs out,”
Baguilat added.
A group of elders in the city has spearheaded the call for Congress to override the veto particularly the Blessed Association of Retired Personnel (Barp) Foundation and other cause oriented groups has also joined the call.
More than 17,000 members of Barp, about 80 percent, are SSS pensioners.
“We need also to consider the welfare of the majority of SSS beneficiaries whose pension plans might be jeopardized by the increase of pension payments,” Baguilat said.