Senate passes resolution raising SSS monthly pension by P1,000

The Senate on Wednesday passed a resolution calling for an immediate increase of P1,000 in the monthly pension of all Social Security System (SSS) members.

Before adjourning the session for the Christmas break, the senators the resolution expressed the “sense of the Senate to increase the monthly pension of all SSS pensioners by P1,000,  effective immediately.”

Senator Richard Gordon, chairman of the Senate committee on government corporations, said the SSS will be “duty bound” to grant the P1,000 increase this month.

Gordon said the resolution was passed “in view of the urgency of the matter.”

Senator Joel Villanueva said more than two million pensioners will benefit from the increase, and will now receive at least P2,200 a month.

Senator Sonny Angara, however, said that while the intention was “noble,” the Senate should be mindful of the concerns that the increase would reduce the life of the pension fund for private sector workers by 14 years to 2028 from 2042.

Angara said that was relayed to him by Finance Secretary Carlos Dominguez III. “I’m just putting this on the record, and we don’t have to take it hook, line and sinker. But it’s something the committee should consider moving forward,” he said.

“The long-term viability of the SSS is something we should be concerned about,” he added.

Former President Benigno Aquino III vetoed the bill increasing the SSS pension by P2,000, saying the move will "compromise" the entire membership of the pension fund.

Aquino argued that a P2,000-raise in SSS pensions will shorten the actuarial life of the pension fund unless the monthly contributions are likewise increased. — VS, GMA News