A BILL aiming to increase the Social Security System pension was filed in the House of Representatives anew.
Baguio Representative Marquez Go refilled the bill after former President Benigno Aquino III vetoed the law giving raise to monthly pension to at least P2,000 from P1,200 (10 years of service) and P2,400 (20 credited years of service).
“Since the enactment RA 8282 in 1997, SSS pensioners have not receive any pension hike so we need to file an increase,” Go told Sun.Star Baguio.
According to the bill, the hike will be in four tranches where pensioners receive a P500 increase yearly.
“Staggered yung magiging increase. In four years, mabubuo na yung P2, 000 na increase sa pension,” Go said.
The increase will help retirees cope with expenses and to prevent members’ especially senior citizens with the loss of income brought about by disability, sickness or death.
“I have filed this bill to seek compromise measure which will provide the needed pension increase but will also help prepare the SSS management make institutional reforms in the next four years to ensure fund’s survival for the pensioners,” Go stated.
The vetoed SSS bill also proposed for a full P2,000 increase in SSS pension has alarmed the state run pension firm their funds may be drained by 2020.
“I understand the side of 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 senior citizen’s pension is only P500 due to inflation. This is too low to even meet the basic needs of SSS pensioners,” Go closed.