Tuesday, July 5, 2016

Duterte Wants P2,000 Monthly SSS Pension Increase

On Tuesday, May 31, in a press conference at the Presidential guest house in Davao City, president-elect Rodrigo Duterte said that he wants to push the barred appeal during the Aquino Administration of increasing the monthly SSS pension by P2,000. 

His stand in this matter remained firm and has never wavered, he said, “I will increase it, alam niyo dapat binigay ‘yan.”

Previously, Aquino vetoed a Congress-approved bill that would grant SSS pensioners additional P2,000 in monthly pension. That is something that Duterte wants to change. 

That is House Bill 5842 or “An act mandating a P2,000 across-the-board increase in the monthly pension with the corresponding adjustment of the minimum monthly pension under the Social Security System, amending for the purpose Section 12 of Republic Act No. 1661, as amended, otherwise known as the Social Security Act of 1997.” 

He is very vocal in giving the retired government and private sector workers the best and fastest way to have their pensions claimed.

“While we have able bodies, we give our money for pension so that we can have something to receive in order to buy something, now with the prices of medicines going up, the P2,000 is not even enough,” said Duterte. 

He voiced out to the delay and poor service of both SSS and GSIS, he said, “Listen, ang sama ng loob ko sa inyo (SSS, GSIS), ganito, I am a mayor of a city, where people would go to my office to complain, sometimes the SSS and GSIS nagfa-follow up yan sila, and minsan binibigay nila yung pension sa ibang tao and when you are confronted na may namatay na, doon pa ninyo malaman then you try to correct it, and it takes about two years to process it, My God.” 

“Yan ang problema sa inyo, yan ang i-correct ninyo and sinasabi ko, one month with only five signatures, not more than that, correction kaagad, ora mismo, para di mahirapan,” he added.

According to Aquino, there are 2 million pensioners that will be given a P2,000 monthly increase, thus, it will amount to P56 billion a year. 

This will incur a P16 billion to P26 billion yearly deficit to the SSS who have only an annual investment income of P30 billion to P40 billion. 

The outgoing president said, “Given this situation, the Social Security System will be constrained to draw from and use its Investment Reserve Fund (IRF) to support the pension increase. Consequently, the IRF will diminish over the years, eventually reaching zero by the year 2029.” 

Amidst all of this, Duterte remained determined in his push to have this approved.
                                                         Source: aboutcagayandeoro.com