P1K SSS pension hike out before Feb 15


THE long wait of Social Security System (SSS) pensioners for an increase in their monthly benefits will end in two weeks.

Dean Amado Valdez, SSS chairman, said P1,000 of the planned P2,000 increase will be released before February 15.

The increase was supposed to be released last month, but was suspended because of a technicality: it needed an executive order or memorandum of approval. President Rodrigo Duterte is expected to issue the order soon.

The P2,000 pension increase was approved in December by Duterte despite strong opposition from his economic managers.

Former president Benigno Aquino 3rd had rejected the proposed P2,000 pension increase as it would drastically reduce the SSS fund life.

Valdez said the SSS would have to work on how to extend the lifespan of the fund.

Pensioners who have 20 years of SSS membership will get a minimum of P3,400, while those who have 10 years of membership will get at least P2,200.

The second P1,000 hike will be given before 2022 or earlier, Valdez said.

Valdez said the SSS was looking at investing in profitable infrastructure projects like tollways.


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