SSS execs urged to return fat bonuses

The Trade Union Congress of the Philippines (TUCP) on Friday urged commissioners of the Social Security System (SSS), including  labor representative Marianita Mendoza, to immediately return the P1 million given to them as performance bonus for 2012.

Mendoza, wife of TUCP founder and party-list Rep. Democrito Mendoza, sits on the policy-making body of the SSS.

“The TUCP finds it insensitive for SSS officials to give themselves monetary incentives at a time the SSS fund is shrinking,” said TUCP in a statement, adding that the SSS actuarial fund was reportedly only good until 2039.

SSS president and chief executive officer Emilio de Quiros Jr.  earlier confirmed that he and seven other commissioners of the private-sector pension fund got at least P1 million each as bonuses for their “good performance” in 2012.

The giving of big bonuses to the SSS board members happened even as an increase in membership premiums looms next year on grounds that the agency won’t have enough funds to cover retirement and other benefits beyond the year 2039.

State auditors also scored the SSS for its slow delivery of services to its members.

“While the giving of bonuses may be legally justifiable by the performance incentives system set by the Governance Commission for Government-Owned and -Controlled Corporations, [we view] the giving of monetary incentives at this time as inappropriate,” the TUCP said.

According to the labor group, SSS officials last April sought the assistance of the TUCP in convincing its 12 million members to accept an increase in SSS monthly premiums from 10.4 percent to 11 percent starting January next year.