Palace approves retroactive payment of P1,000 SSS pension hike

Malacañang on Wednesday approved the release of the additional P1,000 monthly pension for retired members of the Social Security System (SSS).

State-run Philippine Information Agency (PIA) tweeted a document signed by Executive Secretary Salvador Medialdea approving the release of P1,000-pension increase retroactive from January 2017.

GOOD NEWS: Malacañang approves the release of P1,000 monthly additional SSS pension, retroactive from January 2017. pic.twitter.com/ayVRjDAtZK

— PIA (@PIAalerts) February 22, 2017

The memo is addressed to Chairman Amado V. Valdez of the Social Security Commission, and SSS President Emmanuel F. Dooc.

In a separate tex message to GMA News Online, Valdez on Wednesday explained how the retroactive payments will be made.

"The release will be on March 3 for January, March 10 for February, and March 17 for March," he said.

"Simultaneous release will be in April," Valdez noted.

President Rodrigo Duterte approved the increase in monthly pension on January 10.

To cover the monthly pension hike, the monthly contribution of SSS members has been raised by 1.5 percentage points starting May. This will increase the contribution rate to 12.5 percent from 11 percent.

Senators, however, said the increase in premiums of active members is “invalid and illegal.” — VDS, GMA News