After thorough contemplation and cabinet consultations, President Rodrigo Duterte has finally approved the 1000php SSS pension hike with the condition of increasing SSS members contribution by 1.5%.
In an announcement made by Presidential Spokeman Ernie Abella on Tuesday January 10, 2017, Malacanang said the President has approved the increase on SSS pension amounting to 1000php.
“The President approved a P1,000-pension hike this month with a corresponding 1.5% contribution rate hike in May 2017, and an increase in monthly salary credit to P20,000 from P16,000,” he said.
The 2000php increase was long proposed by the Congress but was vetoed by former President Aquino III because it might endanger the life span of the social security agency’s fund.
SSS Chairman Amado Valdez said the initial one-half or 1K pension hike will be implemented this January 2017 and will be followed by the other half by 2022 or sooner based on the congress’ resolution.
However, the said increase is coupled with increase in members monthly contribution of 1.5% per year until it reached the 17% monthly contribution rate.