SSS eyes staggered P2,000 pension increase

RG Cruz, ABS-CBN News

Posted at Nov 15 2016 07:49 PM

MANILA - The Social Security System (SSS) said Tuesday it is proposing to give pensioners a staggered P2,000 pension increase, following the committee report approval on the SSS pension hike.

SSS has reached a consensus to grant an initial P1,000 increase by January 2017, and another P1,000 increase in 2020, subject to the enactment of a joint resolution of Congress, Social Security Commission chair person Amado Valdez told lawmakers at a hearing conducted by the House committee on government enterprises and privatization.

Valdez said the SSS is ready with a P1,000 increase, but they need to address pending problems on non-performing assets and collections before they can grant another P1,000. 

He said they have to do this because the SSS has a fiduciary contract with its members to ensure the viability of the fund. 

"Our proposal, which is now gathering consensus, is to come up with a resolution, saying in compliance with a resolution of Congress that we increase the pension fund, we're increasing it initially to P1,000 and the other P1,000 could be by 2020, subject to some results," he said.

The SSS will draft an executive order to this effect, he added.

House committee chairman Jesus Sacdalan, however, said SSS should grant the P2,000 increase as a Christmas gift to pensioners.

Sacdalan said they will stand pat on the approved P2,000 hike, but will study the counter-proposal of SSS.