‘SSS actually generous in giving pensions’

BALANGA CITY, Bataan – Social Security System (SSS) Central Luzon Senior Communication Analyst Maureen Inocencio explained that SSS is actually generous in giving pensions.

“We have already implemented 23 pension increases in the past”, she said during a radio guesting here. “Meanwhile, we have only 4 increases in contribution”, she further explained.

“SSS spends in austerity to save funds. We have higher burial assistance and wider membership coverage”, she said.

“We are for increasing benefits, provided it will not compromise the financial sustainability and stability of SSS funds”, earlier said Jordan Herrera, OIC Branch Manager of SSS Mariveles during his guesting in Radyo Balita program at city-based 98.3 FM Smile Radio.

“The pension increase will deplete SSS funds within the next 13 years, putting at risk its capability to provide the benefits of members and their beneficiaries by 2029. The increase will require additional funding of P56 billion for the first year of implementation alone”, he added.

“Such total payment for pensioners will result in a net revenue loss for SSS of P26 billion annually. This amount of deficit will continue to grow as more members retire and begin their pensions each year”, Herrera further explained.

President Benigno Aquino III vetoed the bill which increases SSS monthly pension of retirees by P2,000.