Manila, Philippines (February 12, 2017) – Manila, Philippines – Social Security System (SSS) will start to release the Php 1,000 pension increase starting March 2017. This will directly benefit 2.2 million SSS retirees, survivors, and permanently disabled persons.
Malacañang approved the pension increase last February 22, 2017. In a memorandum signed by Executive Secretary Salvador Medialdea, it stated that the pension hike has been approved and will be retroactive starting January 2017. The letter was addressed to SSS chairman Amado Valdez and SSS president Emmanuel Dooc.
The approval allows the SSS to start giving pensioners the additional Php 1,000 in March, and for the increase to be included as part of the regular pension beginning April 2017.
The schedule of payments of the additional P1,000 is as follows, according to Dooc:
- Php 1,000 increase for the month of January 2017 – March 3, 2017
- Php 1,000 increase for the month of February 2017 – March 10, 2017
- Php 1,000 increase for the month of March 2017 – March 17, 2017
The April 2017 pension will already include the Php 1,000 and in succeeding months.
Meanwhile, in an interview with Ms. Beth Suralvo, Senior Officer at SSS Media Affairs Department at UNTV’s morning show “Good Morning Kuya,” she said that those pensioners who availed of the 18-month advance SSS pension are also entitled for the increase, including the January to March retroactive increase.
“Yung mga nag-avail ng 18-months lump sum na hindi pa magpe-pension mo. wait for futher announcement kung kailan namin ilalagay yung effectivity kung kailan namin sila bibigyan,” said Suralvo.
UNTV’s Good Morning Kuya (February 28, 2017) – Timestamp: 1:11:22
Suralvo is requesting those pensioners under the 18-month advanced regular pension (lump sum) scheme to patiently wait for the schedule of distribution of the increase and wait further notice from the SSS.
It just more than a month after the Palace and SSS officials announced President Rodrigo Duterte’s approval of the Php 1,000 SSS pension hike.
Dooc had given assurances in January that funds are sufficient for the hike.
Meanwhile, there will be an 1.5% increase in contributions of SSS members from the current 11% to 12.5% beginning May this year.
According to Valdez, if the implementation of the pension hike leads to “favorable results,” another additional P1,000 hike may be approved before 2022.
The President’s economic advisers had opposed a P2,000 pension hike proposed in Congress saying it would bankrupt the fund.
During the 2016 campaign period, Duterte promised to approve the SSS pension hike if elected president. He made the promise during the time former president Benigno Aquino III rejected the pension hike, citing the same reason Duterte’s economic advisers gave: that the move would lead to a financial crisis for the SSS and would burden taxpayers. [techthetruth]
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