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SSS pensioners to get P1,000 hike in March

MALACAÑANG yesterday approved the grant of a P1,000 increase on the monthly pension of Social Security System retirees, survivors and permanently disabled pensioners.

Executive Secretary Salvador Medialdea, on behalf of President Duterte, signed the memorandum circular on February 22 that was addressed to SSS chairman Amado Valdez and SSS president Emmanuel Dooc.

Medialdea said the increase will be retroactive to January 2017.

Dooc said the SSS will start giving pensioners the additional P1,000 for the months of January, February  and March on March 3, 10 and 17.

“Starting April 2017, the additional P1,000 increase shall be incorporated in the regular pension,” he said.

The approval comes a month after Malacañang and SSS officials announced that the President approved the P1,000 pension hike alongside an increase in contributions of SSS members to 12.5 percent starting in May, from the current 11 percent.

The proposal was originally for a P2,000 pension hike which the economic managers opposed as it may bloat the liabilities of the pension fund and cut the agency’s actuarial life if not accompanied by higher contributions.

The economic team of the President had warned against the hike as it may reduce the fund’s life by 10 years.   (JOCELYN MONTEMAYOR, Malaya)