Thursday, August 16, 2007

SSS pension increased

By: Tess Bedico
THIS news will gladden the hearts of over a million people.

Starting next month, pensioners of the Social Security System will receive higher pensions as the SSS decided to implement a 10 percent increase, MalacaƱang announced yesterday. The adjustment is retroactive to August.

A Palace statement quoting SSS President and Chief Executive Officer Corazon dela Paz said pensioners as of July 31, 2007 are covered by the increase.

“Starting in September, pensioners will receive in their accounts the 10 percent increase retroactive to the month of August on top of their regular pension,” Dela Paz said.

It will be the second time in less than a year that the SSS granted a 10 percent hike in pensions. The last pension increase was in September last year, the first since 2000.

Pension amounts range from a minimum of P1,000 to a maximum of P21,443 monthly.

SSS Executive Vice President and Chief Actuary Horacio Templo assured the increase will not affect the actuarial soundness of SSS funds which is expected to last until 2038.

Templo said the SSS is even expected to post a surplus of P2.6 billion from contributions vis-a vis benefit payments.

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