The SSS Pension Increase Bill, a bill granting a P2,000 across-the-board increase in the pension of retired Social Security System (SSS) members was approved in committee level on Tuesday. According to Sen. Cynthia Villar, the approval of the bill by the Senate committee on government corporations and public enterprises was long overdue.
Sen. Cynthia Villar, the chairman of the committee noted that given the rising cost of living, it is high time to give our retirees and their family a monthly pension that will allow them to at least live with dignity, the senator stated.
During the hearing, SSS President Emilio De Quiros Jr. expressed concern that the proposed increase would mean an increase of contribution from 11% to 15% and shortening the fund life from year 2042 to 2029.
Based upon the official records of the Social Security System, the total members reached 32.5 million and there were 1.8 million pensioners from different parts of the Philippines.
The senate committee went through the financial state of SSS, Sen. Villar said they learned that there was a need to intensify tis collection efforts.
According to the richest senator in the Philippines, Sen. Villar, the bill is one of the measures that she would prioritize before the year ends. She said she would also adopt the version passed by the House of Representatives “to expedite the process.