• The proposed measures to increase SSS pension by P2,000 was approved by the House Committee on Government enterprises and privatization
• The House committee approved Rep. Carlos Zarate’s motion for omnibus approval of 15 pending measures for SSS pension hike
• SSS officials present at the committee hearing warned that granting the increase would shorten the actuarial life of the SSS
The proposed bills seeking to grant across-the-board P2,000 Social Security System (SSS) pension increase inched closer to becoming a law after the House committee on government enterprises and privatization approved them.
According to a GMA News Online article dated September 7, 2016, the House committee approved Bayan Muna Partylist Representative Carlos Zarate’s motion for omnibus approval of 15 pending bills for the increase of SSS pension; most of which provides for a P2,000 pension hike.
“Our senior citizens have long been waiting for their pension to increase and if not for the unwarranted veto of former President Aquino they could have already been enjoying higher pensions now,” Zarate said.
The Bayan Muna representative expressed hope that the passage of the senate version of the bill would be fast tracked so that President Rodrigo Duterte may sign the bill into law in line with his campaign promise of supporting the pension hike for senior citizens.
Former President Benigno Aquino III vetoed the approved bill seeking to grant across-the-board P2,000 pension hike before the end of his term; saying it would bankrupt the state pension fund.
SSS officials who attended the House committee hearing on Wednesday, September 7, warned that by increasing the retirees’ pension by P2,000 may shorten the actuarial life of the SSS by 17 years – from 2042 to 2025.
Increasing the pension by P2,000 of 2.1 million pensioners would cost the SSS P56 billion a year even though it only earns P30 billion annually, according to SSS officials.