• SSS sabotaging pension hike, lawmaker claims

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    OFFICIALS of the Social Security System (SSS) are trying to sabotage the passage of a measure that seeks to increase SSS pension by claiming that the agency lacks funds, House Deputy Minority Leader Neri Colmenares said on Monday.

    Colmenares said the statement of SSS officials that it does not have sufficient resources to cover the P2,000 across-the-board pension increase is not true since the agency has P428 billion in investment funds that generate an income of P32 billion per year. Thus, the net revenue of SSS in 2014 reached P44.47 billion and its assets are valued at P500 billion, he added.

    “The SSS Board is trying to sabotage the passage of the P2,000 pension increase, even if it has actually admitted several times that it has the funds for the pension increase. The increase will only shorten its fund life to 2029 instead of the current 2042. SSS should stop trying to delude the people and the Senate that it has no funds for the P2,000 pension increase because this is not true,” Colmenares, the principal author of the measure in the House, said.

    “SSS is so obsessed with its funds that it has failed to see that it has completely abandoned its mandate to provide genuine social security to the people,” the lawmaker lamented.

    Even assuming that the SSS has insufficient funds for a pension hike, Colmenares argued that the agency could easily find ways to increase its fund life.

    He recalled that in 2001, the SSS declared that it has a fund life of only five years. However, it was able to extend this until 2042 in just 14 years.

    “If it previously survived a five-year fund life, then surely it can also survive a 14-year fund life. We are [even]in a better shape than the United Kingdom (UK) which has a fund life of only up to 2027 and Canada which has a fund life until 2022 or merely seven years,” the lawmaker pointed out.

    “Ayaw lang talaga dagdagan ng SSS ang pension ng mga pensioners kaya ganun na lang ang kanyang pag oppose dito. Mas gusto pa ng SSS na pahabain ang buhay ng pondo niya, kesa buhay ng mga miyembro niya (The SSS simply does not want to increase the pension of its pensioners. They prefer to increase the life of its funds, rather than the lives of its pensioners),” Colmenares said.

    The Senate Committee on Government Corporations and Public Enterprises approved a bill increasing the monthly pension of SSS pensioners from P3,000 to P5,000.

    SSS president and CEO Emilio de Quiros said the agency does not oppose the pension hike. However, he proposed an increase in the monthly contributions of members to boost the agency’s funds.

    But Colmenares said instead of harping on increasing contributions, the SSS should improve its collection efficiency from the employers of its 29 million members, collect the billions in contributions which delinquent employers failed to remit in the last 10 years, cut down the bonuses and perks given to its board members and collect the more than P200 million retirement package given to SSS Board Members in 2009 as well as the fines imposed by the courts against employers who violated the SSS law.

    “If this is not enough, then Congress can always provide for subsidies as provided under Section 20 of RA 8282 as amended. There is no way that the SSS will go bankrupt as the SSS wants people to believe. In fact, under Section 21, the Philippine government guarantees the benefits and solvency of SSS,” Colmenares said.

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    8 Comments

    1. Luisito Bardillon on

      Instead of helping our good senators and congressmen to make this bill a reality, you are discouraging them that sss will face bankruptcy if such bill will be implemented.Think positive, our government have so much money, the reason why so many people wants to work in government agencies because of lucrative salary and benefits lots of people try their luck in politics also because of social security when elected, so dont worry 2,000 increase in our pension will not jeopardize the life of our social security system, Maraming pera ang ating bansa.

    2. I suggest that the SSS president should talk more intelligently than guess work. Last Sunday’s Inquirer’s issue, I read someone’s opinion that if the pension shall be increased, SSS will collapse. I guess this is purely a figment of the writer’s imagination I might say. The writer even pointed out several statistics and numbers which are seemingly correct but didn’t bother to provide his sources for the numbers. I believe the writer is a member of SS commission. What’s this? How can he know many things than the SSS president himself?

    3. it is a shame kung sila are looking for their own delusion of grandeur (SSS Execs).Imagine their incentives,perks and bonuses.Dapat hindi tataas any kanilang based pay more than 500 k pesos including benefits. Milking cow nila any government. Sabi nila in par with the private sector pay,baloney yan,sino ang pinagloloko nila.Patronage appointment ang position. They should divest of other companies holding to become a director and hold only one different paying job not in conflict with their duties. No multiple government role,duties,and appointment.

      sill bay nagpapayaman ? para sa manggagawa o sa kanilang bulsa ?

      • Obviously, SSS is reacting negatively with the proposed increase for pensioners. These pensioners who had worked very hard for many years and contributed to the fund need to be given assistance in terms of financial hardships being encountered in the present time. They were instrumental in helping to build the financial structure of the system as it is now. These SSS officials are the number ones enjoying by getting lion share of the funds through bonuses and other incentive perks; however, they have to admit that they’re not doing anything to improve the system since they just sit back and relax in their offices and let their employees to do the DIRTY work. Please, SSS officials don’t be GREEDY. You’re not the only CREATION of God.

    4. Social security main objective is to help seniors. They are operating this as a private profit earning corporation . SSS wake up you should provide security and not insecurity

    5. Perks and bonuses given to the officers appointed are improper. They were selected and put to their positions because of their capabilities to safeguard and invest to the best of their abiilities the member’s fund. It is their mandate to do so. They should not make any bonus to their selves. They just apply the jobs expexted of them. The fund is not govt. fund to be pork barrel or DAP.