The increase in Social Security System (SSS) monthly pension for qualified members is now ready to be implemented as President Rodrigo Duterte finally signed the order on February 22, Wednesday.
The Philippine Star reported that the Malacanang Palace through Executive Secretary Salvador Medialdea has issued a memorandum addressed to SSS Chair Amado Valdez and SSS President Emmanuel Dooc. The proposed increase in the monthly benefits is for qualified SSS retirees, survivors and permanently disabled members of the government agency.
There was a delay in the order's implementation as it was supposed to be effective last February 15 but the Malacanang Palace has not yet signed the implementation order. Nonetheless, the P1,000 increase in the qualified members' monthly benefits will be retroactive starting January 2017.
SSS also announced that there will be an increase in the members' monthly contribution as well to balance out the pension hike. SSS Chair Valdez made this announcement last month. From the 11 percent monthly contribution, it increased up to 12.5 percent 'to pave way for the pension hike', as PhilStar reported.Do you think that the hike will be really beneficial for the members? Or it would cause inconvenience for the contributors? Let us know your insight!
SOURCE ► TNP