Sotto pushes anew for SSS pension hike

MANILA, Philippines - After being vetoed by the previous administration, Senate Majority Leader Vicente Sotto III is lobbying anew for an increase in the monthly pension of Social Security System (SSS) members.

Sotto emphasized the need to boost the pension of SSS members, saying many in their senior years need more care and assistance to survive.

He said those who receive lower pensions should get more so they could afford to buy essential goods.

 Sotto lamented that the previous administration vetoed a similar measure approved by Congress, which gained widespread support from various sectors.

Senate Bill 1068 filed by Sotto calls for an increase in the monthly pension of SSS members to P3,000 from P2,400 for those who have 20 credited years of service.

In the case of SSS members with at least 10 years of credited service but less than 20 years, Sotto proposed an increase in their monthly pension to P2,000 from the current P1,200.

Sotto said that when the Social Security Act was enacted in 1997, the prevailing peso to US dollar exchange rate was only P29.47.  The exchange rate is now at P46.35 to $1.

Sotto also noted that the basic minimum wage in the National Capital Region in 1997 was P180 to185 but has gone up to P444 to P481.