More benefits eyed for long-time SSS members

A measure to increase by 50 percent the minimum pension of Social Security System (SSS) members with at least 30 years of credited service was filed by Senate President Pro Tempore Manny Villar.

Villar pointed out that while there is a distinction by means of higher benefits for those with 10 and 20 years of credited service, those who have served for 30 years and more do not receive higher pension benefits.

Under the Social Security Act passed in 1997, minimum monthly pension for members with 10 years service is P1,200, those with 20 years and above is P2,400. Those with 30 years service and above under the law, received the same amount.

"It is but just and equitable that this lapse in the law should be corrected," said Villar.

The bill is proposing that the minimum pension of those who have contributed to the pension fund for 30 years and above, receive P3,600 or 50 percent higher than their present pension.

The present SSS law, he explains, makes no such distinction for those with over 30 years of service. "It would only be fair that this inequity be addressed by appropriate legislation," said Villar.

Increasing pension for SSS members says Villar, is necessary considering the rising prices of commodities and services.

"The pension received by SSS members is important to its millions of beneficiaries as it provides security for employees in the private sector that is why we must work to increase such benefits whenever possible," said Villar.