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January 24, 2017, Tue, 11:11 PM
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Malacañang approves P1,000 SSS pension hike

by UNTV News   |   Wednesday, January 11th, 2017

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MANILA, Philippines — Good news for pensioners of the Social Security System (SSS). President Rodrigo Duterte has approved the P1,000 pension hike for SSS pensioners effective January.

“Regarding the SSS pension increase, the president has approved a P1,000 pension hike this month, with a corresponding 1.5% contribution rate hike in May 2017 and increase in monthly salary credit to 20,000 from 16,000. He seeks to fulfill a social contract with the Filipino people especially the elderly and the poor, to give the best years of their lives in service while exercising fiscal responsibility, to ensure the economic sustainability and protect those who invested in the nation’s future,” said Presidential Spokesperson Ernesto Abella.

SSS assured that their fund is enough to finance the first six months of the pension increase.

However, there will be a 1.5 percent increase in the contribution of SSS members from May 2017. This will be the source for the pension increase aside from the investment reserve fund.

Usec. Abella added that the 1.5 percent increase depends on the monthly salary credit. The additional total contribution will range from P15 to P740.

SSS President Emmanuel Dooc said it will still be discussed how much will be paid by the employer and the employee in the 1.5 percent increase.

“Yun po ay kung paghahatian equally or we will follow the current two thirds, one third sharing,” he said.

(It will be divided equally, or we will follow the current two thirds – one third sharing.)

Another P1,000 increase in pension is targeted to be released in 2022 or earlier depending on the efficiency of the contribution collection and internal reforms at SSS.

Meanwhile, aside from these schemes, SSS is also appealing to President Duterte to issue an executive order requiring the submission of SSS clearance in various transactions such as government biddings; application of business permits at local governments; and travel requirements of overseas Filipino workers.

President Duterte is not amenable to using the taxpayer’s money to fund pension increase since the SSS is a private pension fund.

Meanwhile, Bayan Muna is thankful for the government’s action in behalf of senior citizens.

According to a statement made by Bayan Muna chairman Neri Colmenares, this is a big development for them. — Rosalie Coz | UNTV News and Rescue

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