MANILA Lawmakers belonging to the Makabayan bloc in the House of Representatives on Thursday filed a joint resolution mandating the implementation of the second tranche of the Social Security System (SSS) pension hike next year.
The filing of the resolution came after the state-run pension fund said it would defer the implementation of another PHP1,000 additional benefit scheduled next year without any financial mechanism to sustain its viability.
Members of the Makabayan bloc are Gabriela Reps. Arlene Brosas and Emmi de Jesus, ACT Teacher Reps. Antonio Tinio and France Castro, Bayan Muna Rep. Carlos Zarate, Anakpawis Rep. Ariel Casilao, and Kabataan Rep. Sarah Elago.
Under House Joint Resolution No. 22, the group said the additional PHP1,000 pension would cushion the effects of the Tax Reform for Acceleration and Inclusion (TRAIN) law and provide social protection to the pensioners.
"Without appropriate and immediate intervention, the SSS will fail in its role to provide basic economic security for the people, curb poverty, provide economic stability, redistribute income, and preserve important social and individual values," the lawmakers said in the resolution.
"Delaying the release of the 2nd tranche SSS pension increase will mean further suffering among many SSS pensioners, so the pension increase must be implemented this coming January," they added.
SSS President and Chief Executive Officer Emmanuel Dooc said the additional benefit could only be granted if there is a corresponding increase in contribution rate or adjustment in the minimum and maximum monthly salary credits in SSS.
"Should the second tranche of additional pension be implemented in 2019 without any funding mechanism, the SSS will have a fund life of seven years or until 2026," the SSS said in a statement. (PNA)
Source: Philippine News Agency