MANILA – The proposed P2,000 across-the-board increase in Social Security System (SSS) monthly pension has been approved by the House of Representatives on third and final reading.
The approved bill increases the present minimum monthly pension of P1,200 to P3,200 for retirees with at least 10 years of credited service.
The present monthly pension of P2,400, for those with 20 years of credited service, will likewise be raised to P4,400.
The approved House Bill 5842 seeks to amend Section 12 of Republic Act 1161, as amended by RA 8282, otherwise known as the "Social Security Act of 1997."
The bill's principal author, Bayan Muna party-list Rep. Neri Colmenares, said the measure aims to the make the SSS pension more responsive to the basic necessities of pensioners who are mostly senior citizens.
"A large number of SSS pensioners have further suffered difficulties owing to the continuing escalation of the cost of living in the country, which is due, in large part, to the downturn of the global economy. The amount that these retirees receive as their monthly pension pays much less," said Colmenares.
He added that the increase in the SSS pension should not be matched by a hike in the SSS premiums, citing data on SSS investments, income and collectibles from delinquent employers that the agency is capable of implementing a pension hike.