Senator Richard Gordon (left) on Monday, Jan. 2, 2017, reminded SSS Chair Amado Valdez (right) of the importance of raising the pension of its retired members. Valdez said the proposal of the SSS board for a pension hike was already awaiting signing by President Rodrigo Duterte. INQUIRER FILE / SSS PHOTO
Senator Richard Gordon on Monday urged the Social Security System (SSS) not to renege on its promise to grant the P1,000 monthly pension hike for its members starting this January.
“SSS pensioners must have their increase. (The) new SSS board agreed to increase them by P1,000. They must not renege on that agreement,” Gordon, chair of the Senate committee on government corporations and public enterprises, said in a text message.
“The board must also show their efficiency to collect dues and maximize their assets so they can increase their life (actuarial) Government and private sectors must generate more jobs and FDI (foreign direct investments),” he said.
SSS Chair Amado Valdez said on Monday that the board resolution granting a P2,000 increase in pensions had already been submitted to Malacañang and was pending approval by President Duterte.
The proposal, which splits the proposed pension hike in two P1,000 installments, was being carefully studied by the President’s economic team, Valdez said over radio dzMM.
Gordon’s committee deliberated and approved a measure, granting a P2,000 across-the-board pension hike to SSS members. The measure has yet to be approved by the chamber.
But before taking a break last December 14, the senator said the Senate passed a resolution, asking the SSS to immediately grant even half or P1,000 of the proposed pension hike.
Gordon claimed that the SSS had already agreed to release the increase as soon as possible.
READ: Senate adopts resolution on P1,000 SSS pension hike
Senate President Aqulino “Koko” Pimentel III, meanwhile, backed President Rodrigo Duterte’s decision to first study the proposal after he was advised by his economic managers that the SSS might go bankrupt if it granted the pension hike.
“We should always be cautious and be extra careful in spending money raised or collected under mandate of the law (like taxes and SSS premiums). Hence, if President Duterte needs time to study the matter then let us give him the study time he needs,” Pimentel said in a separate text message.
READ: Duterte urged to sign SSS pension hike
Valdez said Duterte’s economic managers were looking for ways to extend the fund life of the SSS once the pensions were raised.
According to the SSS chair, the current fund life of SSS would last until 2042. Should the first installment of P1,000 be given this January, as proposed by the agency’s board, the fund life would be shortened to 2032. CBB