TUCP urges SSS exec to return P1-M bonus | Inquirer News
Close  

TUCP urges SSS exec to return P1-M bonus

By: - Reporter / @santostinaINQ
/ 04:53 PM October 11, 2013

AP FILE PHOTO

MANILA, Philippines–The Trade Union Congress of the Philippines on Friday urged its representative to the Social Security System, Dr. Marianita Mendoza, to immediately return the P1 million given to her as performance bonus.

Mendoza is the representative of the labor sector in the Social System Commission, the policy-making body of the SSS.

ADVERTISEMENT

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

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

FEATURED STORIES

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.

“While the giving of performance bonus may be legally justifiable by the performance incentives system set by the Governance Commission for Government–owned and controlled corporation (GCG), [we believe] that the giving of monetary incentive at this time as inappropriate,” the TUCP said.

According to the labor group, last April, SSS officials sought the TUCP and other groups in convincing 12 million members to accept an increased SSS monthly premium payment from 10.4 percent to 11 percent starting January next year.

The group said it gave its support to the plan because it would help improve the life span of the SSS fund. But it stressed that the giving of the big bonuses was not discussed in any of the consultation process.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: bonus, government–owned and -controlled corporation, Labor, News, Social Security System
For feedback, complaints, or inquiries, contact us.

News that matters

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.