DAVAO CITY – A workers group has demanded the Social Security System (SSS) to implement austerity program and make more efficient its collection system to help meet the P2,000 monthly increase in monthly pension for its 1.9 million pensioners.
Both the Senate and the House of Representatives have passed an across-the-board increase in SSS monthly pension but failed to identify where to source the new demand. The average basic monthly pension of SSS pensioners received is P3,169.
Alan Tanjusay of the Trade Union Congress of the Philippines-Nagkaisa (TUCP-Nagkaisa) in a statement said SSS must introduce “serious reform measures and austerity program within the system by cutting unnecessary operating expenses including trips abroad beginning at the national office down to the branches and service offices.
“The SSS should improve its collection system by improving its litigation of erring employers who failed to remit its employees monthly premium. There’s also a need to improve its partnership with the Bureau of Internal Revenue (BIR) and the Department of Labor and Employment (DOLE) inspection of work establishments,” said Tanjusay.
Tanjusay said austerity measures and efficient collection “are the only viable means for us to help meet the planned increase in pension.”
The SSS incurred P10 billion operating expenses in 2014 compared to P7.6 billion in 2011. The proposed P2,000 increase will result to a 63% increase in the average basic monthly pension of pensioners, but will shorten the SSS actuarial life fund from the year 2042 to the year 2029.
From P38.4 billion in 2013, the SSS revenue rose to P44.5 billion. As of 2014, contribution collection and investment income is at P120 billion. However, TUCP said the expenditures in the form of benefits is at P105 billion and operating expenses at P10 billion for the same year. (davaotoday.com)