• SSS officials warn of bankruptcy

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    GRANTING a P2,000 pension increase across the board will leave the Social Security System (SSS) bankrupt, officials of the agency warned on Thursday.

    Marissu Bugante, SSS Vice President for Public Affairs and Special Events Division and George Ongkeko Jr., SSS Vice President and Chief Actuary said if House Bill 5842 is approved, it will shorten the fund life and operations of SSS to 13 years or until 2029.

    The Senate has approved a bill proposing a P2,000 pension hike. The same measure was approved by the House of Representatives on third and final reading.

    The proposed hike aims to cover 1.9 million retirees.

    “We are not against the pension increase, but we need to ensure the agency’s long-term viability. We would like to let the members understand that the P2,000 across-the-board increase for 1.9 million pensioners every month will only shorten the life of SSS from our previous projection of 27 years or until 2042 to 13 years or until 2029,” Bugante said.

    They said the pension hike will jeopardize its 32 million active members.

    “Based on our studies, SSS would need P49.5 billion because of the increase. For the full period of 2014, SSS just earned net revenue of P45.5 billion only,” she said, noting that the agency would fall short of P4 billion in its first year of implementation if the bill is passed.

    “Where do we get the money to fund the pension increase?” she asked.

    Ongkeko said if the bill become law, the monthly contributions of the 32 million active members will have to be increased by 44 percent.

    “We also want an increase for the pensioners, but not a legislated one. To the active members, this must also be your concern because what we are talking about is the issue of your future pension,” Bugante said.

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    26 Comments

    1. “Marissu Bugante, SSS Vice President for Public Affairs and Special Events Division and George Ongkeko Jr.” compute with the right equivalent of every payment of members to avoid short of P4 billion in its first year and recommended for Senate and House of Representatives then ipakita nila na hindi kaya and p2t as seen in their feasibility study. . . dapat magresign ang dalawang ito sina Marissu Bugante, SSS Vice President for Public Affairs and Special Events Division and George Ongkeko Jr., SSS Vice President and Chief Actuary said if House Bill 5842 is approved, it will shorten the fund life and operations of SSS to 13 years or until 2029

    2. magbawas ng employee at branches
      besides mayrun nmang bayad center
      an daming nkpila sa bawat branches an daming nagbabayad. meaning an daming pondo….
      an daming employee. yung iba nakaupo lang at nagdadaldalan pa kung pwede nga lang kihaan ng picture at i post d2…

    3. They have to give the increase since they had been notoriously shortchanging the pensioners for decades. Where have all the money collected gone? Payments are to be made—they need to produce the funds as it had been reported that SSS has some of its funds lie idle in “idle assets” . They sell all these whatever assets so you don’t die, as you say.

      You also have laws that put pensioners in a difficult situation. A member who has reached 60 and has paid more than the required number of premiums are still made to pay if they continue to work, its pension cut. This is so unchristian. Now implement the Php2,000 monthly increase—–these pensioners deserve it.

    4. Huwag naman sanang pati SSS na syang inaasahan nating mga extraordinaryo ay madadamay pang mabangkrap!
      I do believe that the SSS’s highest officials have some options on this matter- the suggested monthly increase is really needed today the fact that all the basic needs are expensive.
      SSS is a private program.. SSS do help the members retirements so please don’t take this out from our future.

    5. How can we recover the SSS Pension already deposited to your bank account but then was sent it bank to SSS department by the bank without notifying the pensioner. It’s been followed up at the SSS office, the person who worked on that case stated will be sent back to the Bank in 3-4 months, but until now the money still not deposited.

    6. SSS pension main goal is to support the senior citizens in their late years. If SSS cannot support the senior citizen they must be abolish ASAP because workers contribute and employers too to help us in our late years. Let us all rise up and make our politicians make a law to abolish SSS. Why are we paying if we cannot expect financial pension. This is a clear case of widespread robbery.

    7. Why they need to increase if it goes to bankruptcy…they can easily compute with the right equivalent of every payment of members…or I guess the officials of SSS are worrying for their retirement fee they can get, that is absolutely the reasons why they are saying about bankruptcy. This is what I am saying, the negligence of the Aquino administration in local areas while he is busy making the Philippines globally competitive. No future in this nation if it happens, the work hard is equivalent to zero!
      Duterte can save the Philippines!

    8. Cesar Francisco on

      Bawasan ang naglalakihang suweldo at bonuses ng mga officers/executives at mga members ng board of directors. Nakakalungkot isipin na may tumatanggap ng milliones na bonus samantalang ang mga miyembro na siyang may-ari ng SSS ay nagtitiyaga sa kakarampot na pension. Ilang kategorya ba ng bonus ang tinatanggap ng mga empleyado ng SSS? Baka katulad iyan ng isang ahensiya ng gobyerno na kinulang ang buwan sa dami ng bonus na ibinigay nila sa sarili nila?

    9. greedySSSofficials on

      nakakapagtaka naman talaga tong SSS na toh. super laki ng interest kapag ni-Loan mo un pera mo. Tapos sila makapagbonus sa sarili nila milyones?? tapos ngaun eto. TAKOT MABAWASAN ANG BONUSES NILA. MAKAKAPAL ANG MUKHA!!!

    10. Wendz sevilla on

      The other people i ask how to shorten the process..What if we go to main office to clarify such problems with my dads acct. Then they told us if u are only the one who will go at the main office they will not intertain u because the office will told u that not only u but a lot of people having a problem like u until now are waiting, so u have to wait for ur turn ..So what is the function of once u hired as sss employee?their are no customer service applied but to discourage the member not claim their own funds? U know what philippines runs on a shit system that until now you see the legislative passing a law that will conflict the system..what the hell..laws that conflict previous laws?criminals have bailed?criminals on the streets?balikbayan boxes forcely opened without supervision of the owner?theives inside airport terminals..smuggling?political killings?garbage from other nation imported without intrapment, barge of sand quarried somewhere else to dumb to the disputed island. Damn where is the government at this manner..may malasakit pa ba kayo sa bansa natin at sa mga totong naghihirap mapasahod lang kayo?Or u dont really understand that ur salaries are originally taken from our taxes kaya please do ur job..nakakadismaya eh…

    11. How could they not sustain the fund? Or even why cant they find other ways to avoid bankruptcy. My mom ‘s pension is only 1800php. Not even enough to buy a sack of rice. And then we ‘ll all heard news about corruption again in the future. Philippines, oh Philippines.

    12. Wendz sevilla on

      Yesterday i join with my dad processing sss pension..Our papers are complete to file the pension for his retirement..The one employee told us that our papers are ok for reviews. U can claim it after few days more.When we go to the clerk desk she put the sss # of my dad on their data base then there are problems to solve on his acct. & that should be verify to the main office for 3-6months..what the ….what is this a joke? What is OAS that the main office instruct us to go to carify the said problem. I am so sad after the sss use the fund for their company businesses for so many year then now my father wants to claim then he could not even claim coz they told us it will be subject for verification within 3-6months?What is this kind of govt we have??

    13. SSS should thoroughly check the implementation increase of pensions since,the next generation will also be affected if not done.Option to increase by 1k at this time and subsequent increase by next few years will not likely affect the life of fund since it should be carefully invested.There should be a separate monitoring agency on this to lessen the corruption in higher ranks.

    14. Dapat kung nafoforsee na na mababankrupt, magkaroon na ng mga plans para maiwasan ang pagkabankrupt. Kung hindi kaya ng mga officials na imanage ang fund ng maayos at mapalago, well wala sila dapat sa position na yan. Dapat lang din itigil na ang mga ireasonable na mga allowances and bonuses ng mga opisyales. Nagpapabonuses pa ng milyon milyon samantalang may chance palang mabankrupt. Kung ganun they are not doing their job well and they don’t deserve any incentive.

      • You know SSS employees you did not do youre job well really,for the benefits of your 32 million members active ha…tama si kabayan kung hindi kaya ng mga officials na imanage ang fund ng maayos at mapalago, well wala sila dapat sa position na yan. Dapat lang din itigil na ang mga ireasonable na mga allowances and bonuses ng mga opisyales na dapat ay ang mga member ang syang makatatangap ng mga perang yan.kayo ang may kasalanan kaya dapat lang namin kayong sisishin mahilig kayong maningil sa amin pero napakamahirap kayong kunan ng aming mga pension kung kani-kani no nyo pa kami pinapupunta amin namang pera ang aming kunukuha sa inyo..lahat kayong mga opisyales jan ay puro mga resonable walang kwenta…

    15. Mas maawa kayu dun sa mga sss pensioner na halus sa gamot na lang napupunta yung pension nila monthly. Yung mga executive official niyo dyan halus naliligo na lang sa pera sa dami ng incentives at laki ng mga sahod . Makonsensya naman kayu!!!

      • The only solution abolish SSS and distribute all their resources to all that contributed. So no bankruptcy . Everybody happy.

    16. Joe Dela Victoria on

      Erap was the cause of the Financial problem of SSS but sadly it was forgotten and seem even glorified of his undoings. He used SSS fund to purchase that Bell Resources stocks from his crony worth billions of pesos. Hoping readers can still remember!

    17. SSS officials are receiving big salaries and allowances. Why not adjust their emoluments and share it to the members who are receiving below the poverty line pensions? Those are funds of the members. Kayo lang ang gusto maginhawa ang buhay. Do not be greedy SSS officials.

    18. Mariano Patalinjug on

      Yonkers, New York
      08 October 2015

      The warning expressed by officials of the Social Security System to the effect that the suggested monthly increase of P2,000 in pensions to 1.9 million retirees will shorten the life of the Fund and operations of the SSS to 13 years or only till 2029 should be taken very carefully and exhaustively by the Congress.

      The Congress will be making a disastrous mistake for the SSS’s 32 million active members if it fails to heed the warning. And the economic and social consequences to the country will be disastrous proportionately.

      MARIANO PATALINJUG
      patalinjugmar@gmail.com

    19. I do not believe the P2,000 increase in he benefits of retirees will shorten abruptly the funding capacity of the SSS to 2029. If the SSS will enforce the law to the letter an collect all contributions due the system, I still believe the SSS will survive to a nonforeseable future.

    20. This is an absurd comment by SSS officials who are not ashamed that they give themselves millions of bonuses for the past several years. Shameless as they are, following the lead of all other officials appointed by the PNoy administration. This administration is fat with cash and can afford to bribe legislators with millions of public funds yet refuses the increase in SSS pension. The last increases the SSS retirees received was during the term of Aling Gloria when Mr. Romulo Neri was commissioner, meaning, the Arroyo administration managed the affairs of SSS and GSIS for this matter so well. The current SSS officials should have a little shame left in them by resigning and PNoy to convince other straight-forward professional managers to the SSS. But PNoy of course will not do it.

      • Dapat naman talaga WALANG increase kase hindi naman banko ang SSS. kinukuha lang ng mga old pensioner ang dapat nilang makuha galing sa contribution nila from the past. Ngayon kung increasan mo yan eh kinukuha mo na ngayun yan sa contribution ng mga CURRENT members and endangering the pensions of these CURRENT members who might not get a pension after 2029 if the SSS gets banktrupt. Ang problema dito ay yung pag baba ng value ng pera – eh kanino kasalanan yan? eh sinimulan pa yan ni Marcos sya yung nangutang nang nangutang at ngayun lahat ng pinoy nagdurusa dahil ang value ng peso ay bumababa samantala ang bilihin patuloy na nagmamahal kada taon. Solusyon: babaan lahat ng sweldo at bonus ng mga tao sa gobyerno; taasan sweldo ng mga trabahador sa private sector; babaan ang tax sa mga negosyante, balasahin lahat ng empleyado sa gobyerno, dapat lahat ng trabaho sa gobyerno contractual para walang mga nagsisino-sino at hindi magawa ang gobyerno na parang kaharian nila, walang palakasan system, etc….

    21. Nancy Bulok Cake on

      “Marissu Bugante, SSS Vice President for Public Affairs and Special Events Division and George Ongkeko Jr., SSS Vice President and Chief Actuary said if House Bill 5842 is approved, it will shorten the fund life and operations of SSS to 13 years or until 2029.”. The solution for this would be to cut down or eliminate the SSS officials’ bonuses, increases, extravagant lifesyles/expenses of SSS officials, foreign trips, SS cars, allowances, because if not for the contributions of the retirees you are all jobless. You owe too much to the retirees and for this you should serve to the best you can.