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BY JOHNNY NOVERA
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Tuesday, January 17, 2017
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ON NOV. 25, 2014, we wrote of “SSS’ financial performance.” We cited in the article the Social Security System or SSS for its accomplishments by bringing total assets to expand by eight percent to P415 billion as of May 2014, or a growth of over P30 billion in just five months from its previous asset level of P385 billion in December 2013.
Total revenues reached P64 billion, up eight present from P59 billion for the same period in the preceding year. Premium collection representing 77 percent of revenues surged by 16 percent to P49 billion, with the bulk of payments coming from the employed sector.
Combined contributions from regular and household employees jumped by 16 percent to P42 billion; self-employed workers by 10 percent to P2 billion; and voluntary members by 23 percent to P4 billion.
You will note that our SSS was originally created under Republic Act No. 1161 passed during the term of President Ramon Magsaysay but because of some amendments, it was implemented only on Sept. 1, 1957 under Republic Act No. 1792 that was approved during the incumbency of President Carlos P. Garcia.
SSS had continuing good performance and was meeting its financial goals as evidenced by the bonuses and allowances it grants to its top officials and directors every year. We have said that it is about time it review also the benefits for members and grant them a pension increase because of rising inflation that has greatly affected the buying power of the Filipino today.
The pension of private sector employees from SSS has averaged only P2,977 per month or equivalent to less than P466 of minimum wage per day for seven days earned by an ordinary worker.
Now we are pleased that Congress has passed again the bill vetoed during the term of then President Noynoy Aquino to increase the pension of retired private employees at P2,000 per month. President Rodrigo R. Duterte, however, approved only P1,000 for immediate implementation, while the other P1,000 “is to be released four years later or even earlier, when SSS improves its finances,” to quote the duo of SSS Chairman Amado Valdez and President Emmanuel Dooc.
What appears as not good in this development is that SSS Chairman Valdez and President Dooc now both talk also like politicians. Can they not consult the books of SSS and be definite of the release?
On the other hand, we commend in comparison the Government Service Insurance System or GSIS that handles the retirement fund for government workers as more responsive and concerned for its members. GSIS has long instituted reforms for its membership and responded to the increasing cost of living as early as 2013 or four years ago by raising the monthly pension of their old-age retirees to the minimum amount of P5,000 per month, effective January of that year.
They made it also easy for beneficiaries to receive their pension without need to travel to GSIS and update their status, except for those who reside at the Autonomous Region of Muslim Mindanao (ARMM) or are based abroad.
Likewise, they have relaxed their policy on entitlement for survivorship pension long ago. Spouses of deceased GSIS members and pensioners who are employed or receiving income from other institutions have been entitled to pension benefits. (For comments or re-actions, please e-mail to jnoveracompany@yahoo.com)/PN
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