In a bid to help our country’s retirees to cope up with the fast accelerating economic difficulties, Senator Ferdinand “Bongbong” Marcos, Jr., has filed a proposed bill seeking to increase their pension under Social Security System (SSS).
Senate Bill 2943 seeks to amend section 12 of the Republic Act 8282 or the Social Security Act of 1997 by raising the minimum monthly pension to P3,000 and annual increase of five P500 until the minimum of 5,000 a month is reached.
“It is imperative to address the pressing needs of our retirees by adjusting their pension rates in order to help them cope up with the spiraling cost of living,” Marcos stated.
As proposed in the SB 2943, Marcos explained that the commission shall equitably adjust the monthly pensions of other entitled members or benificiaries whose monthly pension is higher than the minimum monthly pension to preserve the integrity of the pension program
He added that the new monthly pension rates shall be applicable to all Social Security System members regardless of the effectivity of their retirement.
At present, SSS members with at least 10 credited years of service are provided a monthly pension of P1,200 while those with 20 credited years are given P2,400.