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Bacolod City, Philippines Thursday, October 31, 2013
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Bayan Muna pushing for
hike in SSS benefits

Bayan Muna will continue to fight for the passage of the bill seeking an increase in benefits for members of the Social Security System amid the controversy over the millions of pesos in bonuses it gave the members of its board of directors, Party list Rep. Neri Colmenares said yesterday.

Colmenares, who was interviewed in Bacolod, said they will discuss the bill in December and, hopefully, the SSS board of Directors will no longer oppose it because they can afford to give millions of pesos in bonuses to themselves.

If the bill will is approved by President Benigno Aquino III, the minimum pension that a member can receive will not be less than P7,000.

SSS commissioner, Diana Pardo-Aguilar had said earlier that the agency needed to implement an increase in contributions soon to help it achieve the goal of making the fund perpetual, which is the international standard for any pension fund.

She said the present “actuarial life” of the SSS fund is only up to 2039, and that means that if the existing rates of contributions remain unchanged, the agency will be able to service pension claims only until that year.

But Colmenares said it is no longer necessary because the assets now of SSS is P375 billion and their yearly income is P20 to P23 billion which is enough to attain “fund perpetuity”.

Instead of pushing for additional premium pay, SSS should collect P90 billion in uncollected premiums, he said.*APN



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