Senator TG Guingona filed a bill that seeks to raise the monthly pension of Social Security System (SSS) pensioners by a PhP2000 across-the-board increase. “The current pension system is insufficient in meeting rising costs of basic goods,” Guingona said.
Guingona believes the said bill will bring a sigh of relief to an estimated two million SSS pensioners who last enjoyed a 10 percent raise in their monthly pension some 18 years ago.
Senate Bill No. 2888 was filed by Guingona last August 4 that will amend Section 12 of Republic Act 1161 (as amended by RA 8282, known as the Social Security Act of 1997) by raising the minimum pension amounts to be received by retiring SSS members.
“So that needs of the SSS pensioners are better met, this bill seeks to provide an across-the-board two-thousand peso increase in the monthly pension with corresponding adjustment of the minimum monthly pension system,” Guingona added.
From P2,400.00, Senate Bill No. 2888 proposes a monthly pension of at least P4,400.00 for members with 20 credited years of service. Also, the monthly pension of those with a minimum 10 credited years of service is increased from P1,200.00 to P3,200.00.
Guingona is hopeful that the proposed legislation raising the monthly pension of SSS retirees will be passed into law since a similar bill (HB 5842) had already passed the Lower House on third reading.