Here’s a good news for all SSS pensioners out there. If you are a retiree and are hoping to receive a bigger pension, then your prayers have just been answered.
According to a recent news report, Php1,000 pension hike will be implemented by the Social Security System (SSS) beginning January 2017.
This has been officially confirmed by no less than SSS Commission Chairman Amado Valdez. In fact, another Php1,000 increase is also being planned for 2022, promised Valdez.
“Implementing the pension increase on a staggered basis will help cushion its financial impact on the SSS fund. It will also provide SSS some leeway to shore up its funds by enhancing its generation of revenues through improved collections and innovative investment activities as allowed by law,” Valdez shared during a recent hearing on government enterprises and privatization.
The Senate Committee eventually gave the go-signal for the initial hike, although it is merely half the monthly increase that have been earlier proposed.
Senator Richard Gordon, chairman of the committee, said he agreed to the P1,000 increase in order to avoid putting the SSS funds in trouble.
“It (P2,000 increase) can’t be done. Their reserves would be compromised. We don’t want them to go bankrupt. We don’t want to give them temporary happiness only to find out later it cannot be sustained,” said Gordon in an interview following the hearing.
Although SSS executives have already expressed their intentions to implement another increase by 2022, Senator Gordon believes that it can be done much sooner.
“So we agree on the P1,000 and then in the year 2020, maybe that can be increased,” commented Gordon.
Naturally, this news has been well-received among retirees who are currently receiving their pension from SSS. This long overdue hike can be a big help, considering the expensive cost of living we have today.
See video courtesy of ABC CBN