SSS hikes benefits for pensioners
Quezon City (21 October) -- PENSIONERS of the Social Security System (SSS) will receive a 10-percent increase in their monthly pensions retroactive to September 1, SSS chairman Thelmo Cunanan announced.
At the end of the 32nd Philippine Business Conference, President Gloria Macapagal-Arroyo called Cunanan onstage and asked him to break the news.
Cunanan said the increase would be across-the-board and is intended to help pensioners cope with the rising costs of basic commodities.
"We are sharing this because we feel we have improved the pension fund. The investments of the pension fund is much better and we would like to share this with the pensioner members," Cunanan told reporters.
There are about 26 million contributors to the SSS, about half a million of these pensioners, he said.
Cunanan said Arroyo approved his recommendation for the increase on Friday.
He said that when Arroyo assumed office in 2001, the "actuarial life" of SSS was just five years. Now, its capacity to pay its beneficiaries is up to 27 years. (PIA) [top]