MANILA — A bill that seeks for a raise in the Social Security System (SSS) monthly pension by Php 600 to Php 800 was filed in the senate this week.
Under Senate Bill No. 1068, Senator Vicente “Tito” Sotto III seeks to amend the Social Security Act of 1997 so that those with less pension allowance could get more increase and those with high pension can get less increase.
The measure seeks to make the minimum monthly pension to Php 2,000 from previous Php 1,200 for at least ten credited years of service and maximum of Php 3,000 from previous Php 2,400 for those 20 credited years of service.
Sotto said that although increases may be moderate to help the lowest bracket of pensioners, he vowed to propose extensive increases in the future as the SSS funds will allow.
He also stressed that the government should consider that in 1997, the peso-dollar exchange rate was Php 29.47 to USD 1 US while it has already experienced inflation to Php 46.31 to USD 1.
The same year, basic minimum wage in NCR was Php 180 to Php 185 but has already reached Php 444 to P481. The average annual expenditures per family used to be Php 99,537 and is currently Php 193,000.
The previous administration vetoed a similar measure on the ground to prevent the SSS funds from being depleted for its continuing implementation. Azer Parrocha/PNA/northboundasia.com