Manila: SSS-GSIS Pensyonado (SGP) Party-list Representative Rolando Macasaet has introduced a bill advocating for a PHP1,000 monthly increase in the pension for retired private employees under the Social Security System (SSS).

According to Philippines News Agency, Bill 1506, titled 'Mandating a One Thousand Peso Increase in the Social Security System (SSS) Monthly Pension,' was submitted to the House of Representatives on Monday. The proposed legislation seeks to amend Section 12 of Republic Act (RA) 11199, also known as the Social Security Act of 2018. In his statement on Tuesday, Macasaet emphasized that the 1987 Philippine Constitution mandates the State to periodically review and upgrade pensions and other benefits for retirees in both the government and private sectors.

Currently, Section 12 of RA 11199 states that the monthly pension of a qualified SSS member should be the highest of several calculated amounts. These include the sum of PHP300, plus 20 percent of the average monthly salary credit (AMSC), and an additional 2 percent of the AMSC for each credited year of service beyond 10 years; or 40 percent of the AMSC; or PHP1,000, provided the total pension is paid for no less than 60 months.

The existing SSS Act stipulates a minimum pension of PHP1,200 for members with at least 10 credited years of service and PHP2,400 for those with 20 credited years. House Bill 1506 proposes to add PHP1,000 to each of these amounts, thereby setting the minimum pension at PHP2,200 for members with at least 10 credited years of service and PHP3,400 for those with 20 credited years. The Social Security Commission may also authorize further pension increases, contingent on actuarial soundness.

Macasaet assured that if the bill becomes law, the amendments would apply to all active SSS pensioners from the date of effectivity and to future eligible beneficiaries. He highlighted the importance of maintaining a reliable pension system without compromising its sustainability, stating, "Sustainability, while important, should be coordinated with reliability."

Macasaet's tenure as SSS chief spanned from May 2023 to October 2024. He also held the position of president and general manager of the Government Service Insurance System (GSIS) during the Duterte administration.