Sen. Richard J. Gordon yesterday lauded the decision of President Duterte to approve a P1,000 increase in the monthly pension of Social Security System members.
Gordon said that as chairman of the Senate Committee on Government Corporations and Public Enterprises, he would see to it that the State pension fund would have adequate funds necessary to ensure its lifespan and enable it to provide proper service to SSS members.
“The Senate will provide the appropriate legislation necessary to strengthen the SSS and to assist it in preserving the sustainability and life of its funds that is considered ideal among other social security systems around the world,” Gordon said.
SSS members will receive a P2,000 increase in their monthly pension in two tranches – P1,000 immediately with the second tranche of P1,000 sometime in 2021.
The second tranche, however, would depend on certain financial milestones to ensure the continuous financial stability of the SSS.
“It is very much welcomed by the 2.18 million pensioners especially in these times of great economic challenges to our people,” Gordon said.
Gordon said the Senate has the duty to provide laws that would improve people’s lives.
“Though I don’t encourage the Senate to legislate for pension increases, however, we have to provide appropriate legislation to help the SSS become an even more outstanding manager of the fund so that it could expand its membership, invest, maximize the use of its assets, and invest the funds in projects that would ensure a healthy return on investments,” he said.
“Rest assured that this representation, as chairman of the Senate Committee on Government Corporations and Public Enterprises, shall continue to provide the necessary support to the SSS to ensure the extension of its lifespan,” he said. (Hannah L. Torregoza)