SSS beneficiaries can now withdraw P1,000 pension increase

Beneficiaries of the Social Security System (SSS) can now withdraw the P1,000 increase in monthly pension, SSS Chairman Amado Valdez said in an interview on GMA News' "Unang Balita" on Friday.

The increase for February will be available on March 7, and on March 10 for the March pension, Valdez noted.

"Well, actually, 'yung amount na yan, nadeposito na namin two weeks ago pa. So, nabigay na namin ang order na i-release 'yan ng March 3, March 7 tsaka March 10. 'Yung March 3 para sa buwan ng January, yung March 7 para sa buwan ng February, tsaka yung March 10 para sa buwan ng March," Valdez said.

Some 2.2 million SSS beneficiaries are monthly pensioners.

In case the additional pension does not reflect on their accounts, pensioners should verify, or address their concerns, with their respective banks, he said.

"May system na 'yung mga banks, very efficient na 'yung mga bangko. Doon na sila sa mga bank manager maghain ng complaints, dahil meron namang mga ATM cards 'yang mga 'yan. Usually mayroon ng proseso na sinusunod diyan, so ang pagkakaiba lang diyan merong nadagdag na P1,000 sa kanilang accounts," Valdez noted.

"Kung makita nilang wala, o baka merong nagwithdraw para sa kanila doon sa minemaintain nilang balance, isipin nilang hindi nadagdag 'yung P1,000, verify lang nila sa bangko nang malaman nila kung anong problema," he added.

The state-run pension fund for private sector employees has yet to finalize higher monthly contributions for active members as part of the measures to fund the pension increase and prolong the actuarial life of the SSS.

Valdez noted the Government Service Insurance System – the SSS counterpart for government employees – applies a rate of 21 percent of the salary base for monthly contributions.

"Well, kasama ho 'yan ng pagaaral namin... In fact, nauuna pa 'yung pagaaral namin diyan before this increase. Dahil ang kinakaltas sa GSIS members 21 percent based on the gross salary – 'yung sa SSS, 11 percent based on P16,000 lang – kaya pinagaaralan ho natin 'yan," Valdez said.

The fund targeted the increase in contributions to happen starting May, but the schedule remains tentative as of now as the SSS still has to further assess the situation.

"Ang rekomendasyon natin ay Mayo, pero pinagaaralan pa rin 'yan ng Office of the President kung ano ang magandang timing. Kami naman Plan A, Plan B, Plan C 'yan, eh. 'Yung Plan B naman namin kasalukuyang na rin ginagawa namin 'yung pagpalakas ng aming koleksyon, collection efforts," Valdez noted.

"Ibig sabihin yung collection efforts natin gagamitin natin kasi para lumaki yung investment funds natin para sa future. Pero itong mga increase na ito, well-funded na ho ito, taken cared na," he added.

Valdez noted the 11 percent of the P16,000 monthly credit applies even to employees who receive a monthly salary of P50,000. "Ang kwenta ho namin, initially from P16,000 base ng monthly credit, ang tawag diyan. 'Pag may salary ka na P50,000 sa ngayon, yung 11 percent based lang don sa P16,000," the SSS official said.

"Ngayon 'pag nagkaroon ng karagdagan, 1.5 percent ang idadagdag natin based naman doon sa monthly credit na P20,000," he added.

Valdez also appealed to the Congress to speed up the proposed tax reform plan. "Kaya nga ho ni-re-request namin 'yung Congress na apurahin nila 'yung tax reform para magkakaroon ng additional free money 'yung mga workers natin," Valdez.

"Kasi yung mga workers natin ... at meron silang maidagdag doon sa contribution. Kasi 'yung contributiion naman para lang nagi-ipon na, nag-i-ipon lang workers diyan, eh. 'Yung bawat piso na ibibigay nila, pagdating ng panahon P16 ang babawiin nila sa SSS," he added.

Last month, the Office of the President approved the release of additional P1,000 monthly pension for retirees, survivors and permanent and partial disability pensioners.

An estimated P6.9 billion of additional pension benefit has been earmarked for the first quarter of the year. — Marlly Rome Bondoc/VDS, GMA News