SSS pension hike to benefit workers—DOLE

SSS pension hike to benefit workers—DOLE
(Photo: PTV/Facebook)

MANILA—Labor Secretary Silvestre Bello III on Monday expressed support for President Rodrigo Duterte’s move granting the PHP1,000 across-the-board increase in the pension of Social Security System (SSS) members starting this month.

In a statement, the Department of Labor and Employment (DOLE) chief added that workers should not look at the pension hike as an expense but considered as their long-term savings.

“We must bear in mind that an actively paying SSS member can avail of social benefits and loan privileges,” Bello said.

In May, the SSS will increase the monthly contribution which will range from PHP15-PHP740, to be equally shared by employer and employee.

The amount is 1.5 percent increase in contribution will be implemented or 12.5 percent from the current 11 percent.

The DOLE chief is convinced that the additional amount is a well-deserved incentives for the two million pensioners.

With this, Bello said that the DOLE will continuously observe stricter implementation of the Labor Laws Compliance System (LLCS), specifically on monitoring the establishments’ compliance with mandated social benefits, specifically, SSS, PhilHealtn and Pag-Ibig payments and remittances.

“This is one way of safeguarding and protecting the rights of our workers. It is also the employers’ legal and moral responsibility to their employers,” he explained.

The SSS is putting in place measures to ensure fund sustainability, including legal actions to reduce contribution delinquency, and executive intervention needed to improve collection.