By: Marites Toledo
THE chairman of the Social Security commission (SSC) on Thursday strongly urged the two chambers of the Congress to approve its joint resolution to speed up the release of the first batch of the P2,000 increase on the benefits of the Social Security System (SSS) pensioners.
Dean Amado Valdez said two chambers of Congress should approve its joint resolution first on the pension increase so that it will be submitted to Pres. Rodrigo Duterte for his final approval before the SSS release the increase of the pension of the elderly SSS members by January.
Under the Joint Resolution, the Congress is directing the SSS to give an additional P2,000 the existing P1,200 – P2,400 monthly benefits of the SSS pensioners.
The P2,000 increase will be given in two schedules—first P1,000 will be on January next year, while the remaining P1,000 will be Duterte’s term ends in 2022.
Valdez, dean of the College of Law of the University of the East (EU) before becoming SSC chair, said the Congress should act on the matter before Christmas day.
Valdez noted that Congress joint resolution and Duterte’s approval are both needed before SSC acts on it.
He said the “SSS is also guided by the Department of Finance in ensuring that the implementation of the proposed pension increase will not drive the fund to the brink of bankruptcy. We are wary of possible criticisms for our support for the pension increase, and we don’t want to be seen as irresponsible.”
He said Finance Sec. Carlos Dominguez III is keen on ensuring that SSS funds would last at least until 2039.
But SSS leadership believed that the funds will last until 2042.