Quezon city: President Ferdinand R. Marcos Jr. announced a groundbreaking multi-year increase in pensions for over 3.8 million Social Security System (SSS) pensioners, set to begin this September. During the ceremonial launch of the SSS Pension Reform Program at the SSS Main Office, Marcos underscored the government's dedication to safeguarding and rewarding Filipino workers during their retirement years.

According to Philippines News Agency, this initiative marks the first instance in the SSS's 68-year history where pension increases will be implemented over multiple years. The reform plan outlines a 10 percent annual increase for retirement and disability pensioners, while death or survivorship pensioners will receive a 5 percent yearly hike from 2025 to 2027.

Marcos highlighted that this increase will occur annually until 2027 without requiring additional contributions from SSS members. This adjustment, benefiting retirees, dependents, and surviving beneficiaries, is projected to inject approximately PHP 93 billion into the economy over three years. This influx is expected to aid pensioners in affording essential needs such as food and medicine.

The President emphasized that this is part of the government's broader efforts to ensure "ginhawa sa Bagong Pilipinas" (comfort in the New Philippines), reflecting a commitment to fair and timely social protection. The SSS has assured that the pension hike will not necessitate any increase in member contributions. This approach contrasts with the PHP1,000 across-the-board benefit granted in 2017, which led to subsequent contribution hikes to maintain the fund's sustainability.

The event also included the declaration of National Pensioners' Week, to be observed every second week of September.