Rep. Mark Villar of Las Pinas City (Metro Manila) and party-list Rep. Neri Colmenares have called on their Senate counterparts to act on House Bill 5842, which seeks to raise the monthly pension of retired Social Security System members by P2,000 across-the-board.
Villar noted that while the SSS has implemented a five percent across-the-board pension increase for its 1.9 million retired members last June 2014, the adjustment is too paltry to make a dent.
Under House Bill 5842, the minimum SSS monthly pension rate will be pegged at P3,200 for members with at least 10 credited years of service and P4,400 for those with 20 credited years of service.
The existing Social Security Act only provides that SSS members with at least 10 credited years of service will receive a minimum monthly pension of P1,200, while those with 20 credited years are given P2,400.
“The [June 2014] adjustment seemed too small to meet even the barest of their need, considering the continuous escalation of the daily cost of living,” Villar said.
“The SSS pension rates should be adjusted to address realities,” he added.
Colmenares said P2,000 is already a good start even if the ideal minimum pension is P5,000.
“While it is way below the P5,000 minimum pension we proposed in HB 175, the P2,000 pension hike will already improve the condition of pensioners. This is a very positive development and I hope that the Senate would also fast-track the bill,” the House deputy minority leader from Bayan Muna said.