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By Prince Golez, Manila Reporter
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Wednesday, January 11, 2017
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MANILA – President Rodrigo Duterte on Tuesday approved the proposal for a P1,000 pension increase to monthly Social Security System (SSS) pensions.
In a televised broadcast, SSS chairman Amado Valdez said on Tuesday that the first pension hike will take effect this month.
An additional P1,000 in the monthly pension is projected to be implemented either in 2019 or 2022, Valdez said.
“We want to thank profusely our President for his sense of caring for our pensioners,” the official said as he also expressed gratitude to the economic managers “for their prudence in reminding us we have to ensure the sustainability of the fund.”
SSS president Emmanuel Dooc said that the pension hike will result to a contribution increase from 11 percent to 12.5 percent.
Such increase will be implemented in May, Dooc added.
Raising the contribution rate, Valdez explained, would expand the SSS fund life.
“All the increase in contribution is for the investment reserve kasi doon nanggagaling ‘yung pension and other benefits,” he stressed./PN
During his campaign, Duterte promised to look into the said pension hike, which was denied by former president Benigno Aquino III./PN
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