Guingona files bill on pension increase for retiring SSS members

Senator Teofisto “TG” Guingona III. INQUIRER FILE PHOTO

A bill seeking a P2,000 across-the-board increase on the monthly pension of retiring Social Security System (SSS) members has been filed at the Senate.

Senate Bill No. 2888  filed by Senator Teofisto “TG” Guingona III seeks to amend Section 12 of Republic Act 1161 (as amended by RA 8282, known as the Social Security Act of 1997) by raising the minimum pension amounts to be received by retiring SSS members.

“So that needs of the SSS pensioners are better met, this bill seeks to provide an across-the-board two-thousand peso increase in the monthly pension with corresponding adjustment of the minimum monthly pension system,” Guingona said in a statement on Friday.

The senator noted that the current pension system was already “insufficient” to meet the rising costs of basic goods.

The proposed measure, he said, would then bring a sigh of relief to an estimated two million SSS pensioners who last enjoyed a 10-percent raise in their monthly pension some 18 years ago.

From the current P2,400.00 monthly pension, the bill proposes to raise it to at least P4,400.00 for members with 20 credited years of service while  those with a minimum 10 credited years of service would be raised from P1,200.00 to P3,200.00.

Guingona was hopeful that the bill would be passed into law since a similar measure had already been approved on third reading at the House of Representatives.