Published: Wednesday 16 May, 2018

P1,000 SSS Pension Increase Due in 2019 ‘Postponed’ Due to ‘Lack of Funds’

A ‘financial crisis’ is looming in the Social Security System (SSS). That is, if the second tranche of the P2,000 SSS pension increase pushes through in 2019. To avoid the crisis, the P1,000 pension increase may have to be postponed.

It will be recalled that president Rodrigo Duterte approved the P2,000 SSS pension increase in 2016. The first half was given in 2017 and the second half is scheduled to be given starting 2019. But SSS President and Chief Executive Officer Emmanuel Dooc, it can only be given when they already have additional funds.

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If not in 2019, when can SSS members expect the additional pension? “We will see to it that we are able to release the second tranche during the term of the President which can be up to 2022,” said Dooc.

Additional SSS Funds for Pension

By additional funds, Dooc said the agency needs around P2.5 billion a month to effect the P1,000. This is the reason why the agency is hoping that the increase in members’contributions would be approved. According to Dooc, the SSS last implemented a 0.6 percent increase in contributions back in 2014.