SSS: Remaining P1,000 pension hike out in 2020 at earliest

ABS-CBN News

Posted at Jan 09 2019 10:04 AM

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MANILA -- The remaining P1,000 of a P2,000 pension increase for Social Security System members will be released by 2020 under the most "optimistic" scenario instead of this year, the fund's head said Wednesday.

The pension fund in 2018 focused on raising revenue to ensure its lifespan until 2042. The first tranche of the increase, released in 2017, shortened its fund life to 2032, SSS president Emmanuel Dooc.

It was a "banner year" for SSS in 2018 with a P20-billion increase in collections, he told DZMM. The full P2,000 increase will be given within President Rodrigo Duterte's term, he said.

"Ang most optimistic na aming pangako ay magawa yan sa 2020. Meron tayong isang buong taon pa para maisagwa ang mga hakbangin para mas mapatatag at mas mapalago ang ating pondo," he said.

(Most optimistic, we promise to give it by 2020. We have one full year to take steps to strengthen and grow our fund.)

Duterte approved an increase in the SSS's pension in January 2017, fulfilling a campaign promise the year before. Member contributions were raised the same year to help fund the pension increase.