The Senate has passed a resolution for an immediate increase of Php 1,000 in the monthly pension of all pensioners under the Social Security System (SSS) before it adjourned for the Christmas break.
The resolution, proposed by Senator Richard "Dick" Gordon, will allow more than two million SSS pensioners to receive a monthly increase starting this month.
"We manifest that it is the sense of the Senate to increase the monthly pension of all SSS pensioners by Php 1,000 effective immediately," Gordon said in the resolution, which was adopted on Wednesday.
Gordon explained that the release of the pension would come in two tranches - the initial Php 1,000-increase this month will be the first tranche while the additional Php 1,000 in 2022 or earlier will be the second tranche.
SSS previously mentioned the releasing the Php 2,000 pension increase in two tranches to avoid putting the SSS funds at risk.
SSS Chairman Dean Amado Valdez earlier cautioned that immediately implementing the full Php 2,000 pension increase would threaten the SSS funds. The Php 1,000 initial pension increase he said, "is more doable."
Gordon, Chair of the Senate Committee on Government Corporations and Public Enterprises, said that the Php 1,000-hike would benefit pensioners without compromising SSS from maintain its long-term financial viability.
He said that he would call for a meeting with the SSS January next year to discuss the second tranche.
The senator pointed out that the last time the pension fund increased monthly pension was in 2014, when it implemented a Php 60-increase.
Source: Philippines News Agency