The increase in pension aims to alleviate the burden of pensioners in dealing with the increasing cost of living in the country, an article written by Hannah Torregoza on Manila Bulletin disclosed.
With the high cost of living nowadays, Sotto said it is high time that lawmakers amend the Social Security Act of 1997 and raise the amount of pensioners receiving lesser amount. Those already receiving higher pension should be also given minimal increase, he added.
As such, Sotto noted that while it is high time for Congress to adjust pension rates, security that the SSS funds would survive for the next couple of years must first be assured.
Earlier under the Aquino administration, similar measure has been vetoed on the ground for fear that the state-run pension fund would be depleted in the long run.
Under Senate Bill No. 1068, Sotto said the minimum monthly pension shall be P2,000 from previous P1,200 for at least 10 credited years of service and maximum of P3,000 from the previous P2,400 for those 20 credited years of service.
The urgency to pass the proposed measure for SSS pensioners, Sotto noted, is primarily because most of the minimum monthly pensioners are those who are in their senior years or ripe old age who are needing more care, assistance, to sustain and survive on a daily basis.
Earlier under the Aquino administration, similar measure has been vetoed on the ground for fear that the state-run pension fund would be depleted in the long run.
Under Senate Bill No. 1068, Sotto said the minimum monthly pension shall be P2,000 from previous P1,200 for at least 10 credited years of service and maximum of P3,000 from the previous P2,400 for those 20 credited years of service.
The urgency to pass the proposed measure for SSS pensioners, Sotto noted, is primarily because most of the minimum monthly pensioners are those who are in their senior years or ripe old age who are needing more care, assistance, to sustain and survive on a daily basis.
source: mb
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