An Act Increasing Pensions And Rationalizing The Powers, Duties And Accountabilities Of The Social Security Commission, Further Amending For The Purpose Republic Act No. 1161, As Amended, Otherwise Known As The “Social Security Law”
- Provides an across-the-board increase in monthly pension of all SSS pensioners in the amount of Two Thousand Pesos (Php 2,000.00). The increase will be provided in two equally-divided tranches, with the first tranche to be given immediately upon the effectivity of this Act, and the second tranche to be provided not later than three years thereafter. The Commission may, however, upon determination of actuarial soundness, provide a higher pension increase.
- This bill provides the Social Security Commission powers to ensure prudent fiscal management and sound investment strategies.
- It empowers the Commission to bolster its collection capabilities, and improve its revenue generation.
- It grants flexibility by allowing the Commission to formulate and implement measures to improve its collection rate and efficiency by expanding membership coverage and encouraging member compliance.
- The bill also provides the Commission with a broader menu of investment options to increase its non-contribution revenue.
- Through these interventions, the bill aims to strengthen the revenue generation capability of the SSS and allow it to provide better services and benefits to its active members and pensioners.
COMMENT : Off