MANILA (UPDATE) – The Social Security System (SSS) said it was studying the timing for an increase in contributions to help fund a pension increase that it started giving out on Friday.
Some 2.2 million retirees received the first of three P1,000 payouts this month, representing retroactive adjustments from January. The P1,000 increase will be included in the monthly pension from April.
The 1.5-percent increase in contributions could come as early as May, SSS President Amado Valdez told DZMM. The pension fund needs roughly P34 billion annually to fund the adjustment, he said.
“Meron kaming mga actuarial studies. Pinag-aaralan ng Pangulo ano ang tamang timing ng increase,” Valdez said.
(There are actuarial studies. The President is studying the right timing for the increase.)
Valdez said the SSS will invest in the government’s infrastructure program to raise more funds for the pension increase.
President Rodrigo Duterte approved a P2,000 pension increase to fulfill a campaign promise to uplift the lives of the poor.
The SSS urged pensioners on Friday to report depository banks that did not credit the P1,000 additional benefit to their accounts.
SSS partner-banks that failed to credit the additional benefit may face suspension or cancellation of its accreditation with the agency, Valdez said in a statement.
Pensioners may report incidents to the SSS call center at 920-6446 to 55; email@example.com; or through the SSS Facebook page.