1,000 Pesos Increase in SSS Pension Approved

After months of instantaneous waiting, the day has finally come when a lot of retired Filipinos would receive news that would again bring music to their ears after quite some time. President Rodrigo Duterte approved the across-the-board increase in the monthly pension of SSS retirees. In this article, we will be relaying the news and everything you know about it.
SSS Pension Hike
Photo Credit: Inquirer.net/Grig C. Montegrande
The long awaited wait has finally come to an end when Digong put a stop to it by relentlessly approving the said proposal. The over 2.2 million retired members of the Social Security System will start receiving additional P1, 000 in their monthly pension starting this January.

This increase was a bargain however, for it was made as a condition that members would have to increase their monthly contributions by 12.5% from their salary credit so that the SSS can raise 1.5% to the monthly premiums of active members. This higher contribution will start in May.

Read: New 2017 SSS Contribution Table

Aside from this, President Duterte also ordered the increase in the maximum monthly salary credit from P16, 000.00 to P20, 000.00. Our President is starting to answer most of our prayers and described this as a realization of his “social contract with the Filipino people especially the elderly and the poor who gave the best years of their lives in service..”

If you jumped out of joy in hearing this wonderful change, then you would be happier when you find out that in 2022 or earlier, 2019, SSS Chair Amado Valdez declared another P1, 000 pension increase.

Economically speaking, having this kind of hike would require the SSS to bring out P32 billion annually to fulfill the initial P1, 000 increase and P62 billion for the entire P2, 000 increase in monthly payments and dues.

“As the President has emphasized, he is the President of an entire nation and not just a particular social class,” read from a prepared statement by Ernesto Abella, the President’s spokesperson.

If you’re thinking that the P1, 000 increase is not that impacting to both the government body and its funds, think again. Just the night before it was officially declared, a “long and intense” discussion inside the Malacañang occurred according to Agriculture Secretary Manny Piñol. and we do not want to know about any of that. As long as we have our pension increased, we are fine with that. 

Read: How to check SSS Contribution Online  

A lot of economic managers questioned the feasibility of this plan but National Anti-Poverty Commission Secretary Liza Maza, Social Welfare Secretary Judy Taguiwalo, and Agrarian Reform Secretary Rafael Mariano blamed previous SSS officers and leaders of poor management of funds and resources.

Let us all hope for a better future personally and economically especially now when we are served what we think is best for us.

What do you think about the pension hike in a personal and economical way? Would you think it’s possible and attainable? 

Read Also: How to Compute SSS Monthly Pension

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