Upped SSS pension for retired members

EDITORIAL

A bill seeking to increase the monthly pension of millions of retired members of the Social Security System (SSS) was approved by the House of Representatives Thursday.

Although the increase is not the P7,000 that Bayan Muna originally proposed, this can still be considered a victory for all SSS pensioners, many of whom still receive a scant amount of P1.200 a month.

Bayan Muna Rep. NeriColmenares said the elderly deserve more social security after decades of working hard to earn for their families.

Under the bill, the minimum monthly pension would be adjusted from P1,200 to P1,700 for members with at least 10 credited years of service and P3,400 for those with more than 20 years of service.

After three years, the minimum for these groups of pensioners would be increased by P500 and P1,000.

The SSS would equitably and proportionally adjust the monthly pension of other entitled members or beneficiaries to preserve the integrity and fairness of the pension program.

The SSS could afford a larger increase in benefits since it is earning billions from investments in the financial markets, according to Colmenares.

“I hope the Senate immediately passes its counterpart bill before the legislature is totally enveloped by the election campaign,” he said

The Senate and the House of Representatives will hold three more sessions this week -- Monday through Wednesday, before going on a four month recess until after the combined congressional-local elections on May 13.