GMA News Online

Bigger pensions this month for SSS members

November 13, 2006 6:54pm
Social Security System (SSS) pensioners are in for an early Christmas treat after the agency announced on Monday that it would release within the month the 10-percent adjustment in their pensions accrued since September along with their 13th month pay.

SSS president and chief executive officer Corazon de la Paz announced this during a roundtable discussion where she also said that the agency be releasing the December pension of each pensioner by November 15.

President Arroyo said these releases including the 10 percent increase are due to the improved collection and increased investments recorded by the SSS in the last two years.

The President first broached the topic of increasing the pension to De La Paz in 2004 but due to the agency’s "not too rosy" financial situation, it never materialized.

De La Paz said that the agency has been classified as on the verge of a financial crisis with an estimated actuarial lifespan of only up to 2015.

Now, she added, the SSS has now resurged to become financially stable and even extended its actuarial life of up to 2031. -GMANews.TV
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