But Nañagas, a banker, is unperturbed by mass actions the 4,000-member Alert and Concerned Employees for Better SSS (ACESS), the union of employees at the government-run firm, plans to hold against him.
He is set to fly next week to Quebec, Canada to sign a P10-billion deal with a Canadian fund manager.
The furor started when Nañagas announced two weeks ago that the Arroyo government wants the P174-billion, 23 million-member pension fund privatized by the year 2004.
He identified three areas that can be privatized soon: fund management, asset management and information technology management.
Nañagas also announced he is hiring an executive vice president from the private sector to be responsible for investments, corporate, administrative and legal services.
Dr. Carol Basilio, ACESS president, said the countdown began on May 31 and Nañagas has until June 14 to tender his resignation.
She said the union, backed by Kilusang Mayo Uno (KMU) and the Confederation for Unity, Reform and Advancement of Government Employees (Courage), will stage a protest march to Malacañang on June 11 to demand Nañagas’ ouster from the 44-year old institution.
ACESS has taken issue with Nañagas’ decision to hire a new EVP from the private sector, saying that government rules prohibit the hiring of outside personnel unless it is shown that no competent officer from the agency can be found to fill up the vacancy.
Basilio said the union has launched a nationwide signature campaign among members as a gesture of their opposition to the privatization plans.
She said Nañagas, who is barely five months in office, has initially targeted the SSS information technology system for privatization. She said the SSS has the most modern computer system for processing pension claims in Asia and this explains why private firms are so interested in forging joint venture ties with the pension fund.
"They’re going to get top technology at very cheap prices," she said. "They’ll only invest a little and earn more."
Jun San Andres, union vice president for external affairs, said the impending privatization of the pension fund is "unconscionable."
"The SSS must not be privatized. It is the responsibility of government to provide social security to its citizens. It is unconscionable for government to allow greedy capitalists to play with the retirement money of workers."