• Recto: SSS bonus leaves a bad taste

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    THE granting of P1-million performance bonus to members of the Social Security System (SSS) board may be legal but it leaves a bad taste considering that the firm is will also be increasing the monthly contribution of its members by 11 percent.

    Senate president pro-tempore Ralph Recto, said that although he do not know the details behind the SSS board performance bonus, the action of the SSS officials sends a wrong message to the members of the insurance firm.

    “What I can say is that it leaves a bad taste in the mouth at this point in time. So I join many of our people that found the move wrong,” Recto told reporters in an interview.

    The SSS’ board was received heavy criticism for approving more than P10 million in bonuses for its members and P276 million for other employees and at the same time announced the hike in members’ contributions starting 2014.

    “All of us should show some sensitivity,” Recto said, but he refused to comment when asked if the state-run pension firm needs to defer the release of the bonuses.

    SSS president and chief executive officer (CEO) Emilio de Quiros Jr., has defended the granting of bonuses saying that government-owned and -controlled corporations should be competitive against in order to attract qualified people to work for them.

    Recto said SSS contribution is considered as payroll tax just like other deductibles indicated on the monthly payroll of workers.

    The eleven percent increase is huge because aside from the monthly SSS contribution, employees are also paying Philhealth and PAG-IBIG fund contribution and the Bureau of Internal Revenue (BIR) tax. JEFFERSON ANTIPORDA

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    3 Comments

    1. Are these XOs all career civil service employees or are they all political appointees? Are all SSS retiree recipients receiving the same percentage on their monthly benefits in comparison and ratio with those eight top SSS officials?

      How much help and assistance is the SSS management giving to all field offices specially those in isolated geographical locations and areas?

    2. I have never seen Government Pension Funds receiving bonuses for their top management and employees when in fact those funds being handled belongs to the members. Granting bonuses must be approved by its members. Receving bonuses then increasing members contribution when in fact the pension benefits received by member remains a flat line. It is their fiduciary obligation to maintain the health of the pension fund by as much as possible invest the pension assets to good investment vehicles so that the Pension Fund be more stable and going concern for the long term benefits of its members. They should only be getting their salaries, reimbursement of travel expenses, reimbursement of training expenses and no more than that.

    3. joebert banderas on

      Hahanap talaga sila ng paraan para makakuha ng easy money milyon,tapos mag increase ng contribution daw kasi kulang ang pundo saan ba napunta ang pundo di sa mga bunuses nyo bulsa pa rin.wala na talagang pumapanig sa mga mahihirap na mamamayang pilipino.halos lahat na mga govt officials mukhang pera.