SSS pension hike okayed

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Latest News Philippines: SSS pension hike okayed –

GOOD news for members of the Social Security System.

The House of Representatives has passed on third and final reading a measure increasing the monthly take of pensioners to a maximum of P2,000.

About 185 lawmakers voted in favor of the passage of House Bill 6748, which replaced House Bill 4365 as contained in Committee Report 2514 endorsed  by the Committee on Government Enterprises and Privatization.

Main proponent of the measure, Bayan Muna Rep. Neri Colmenares  lauded the passage of the measure, as this would greatly assist a large number of SSS pensioners who have suffered difficulties due to the continuing escalation of the cost of living in the country.

The measure seeks to increase the minimum monthly pension of SSS pensioners by P500 for those with at least 10 years of service and by P1,000 for those 20 years and above.

”In view of the social justice thrust of our Constitution, this measure seeks to treble the current SSS pension rates until no retiree should receive less than P7, 000 a month thus making it more responsive to the basic necessities of SSS pensioners,” Colmenares said.

Colmenares said under Republic Act 8282 otherwise known as the new “Social Security Act,” SSS members with at least 10 credited years of service are provided a P1,200 monthly pension, while those with 20 credited years are given P2,400.

He added that those who retired under Republic Act 1161 or the old SSS law  are even more hard pressed because their monthly pension is much less.

The militant solon said that SSS has the capacity to pay the P2,000 pension increase.  In 2011, SSS earned P29.865 billion from its investments alone while in the first quarter of 2012, it earned P14 billion.

”I believe this will not be a problem for the agency because it has the assets and income to pay the pension of 226,611 pensioners receiving less than P2,400 per month,” Colmenares added.

Under the measure, the minimum monthly pension is increased from P1,200 to P1,700 for members with at least 10 credited years and for those with 20 credited years, P3,400 from P2,400.

Three years after the implementation of this Act, the said amounts shall be increased by at least P500 for those with 10 credited years and P1,000 for members with at least 20 credited years.

The SSS is mandated to equitably and proportionately adjust the monthly pension of other entitled members and beneficiaries to preserve the integrity and fairness of the pension program.


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