SSS response on pension only raises more questions
This is in reaction to SSS official Marissu G. Bugante’s letter titled “SSS contribution a factor in pension,” which appeared in the Inquirer’s Dec. 5, 2013, issue.
Question: When will the actuarial viability of the Social Security System (SSS) fund be ensured? We SSS pensioners would like to know because that is the time that pensions “may only be released.”
Question: Do the 10-percent increases in pensions allowed by past presidents mean that the actuarial viability of the SSS was reached during their respective tenures? Effective January 2014, both the employers’ and employees’ 0.60-percent contributions would result in a 5-percent increase in pensions, according to official reports. We are happy to acknowledge the good news however small it is.
There were past instances involving the SSS which hopefully are no longer happening now:
1. My own experience:
• The first computation of my monthly pension after 30 years of continuous membership with multiple employers was only P400 and was only doubled to P800 after my cousin, Dr. Emmanuel V. Soriano, wrote to the SSS president then, Jose Cuisia Jr.
• A balance of a few centavos in my salary loan was still being collected by the SSS, the amount smaller than the cost of postage and check. We accountants would write off from the books such immaterial and insignificant amounts.
2. Others:
• I heard of SSS members who did not borrow receiving notices of collection.
• Some living SSS members “have died” and some unscrupulous people received death and pension benefits for survivors.
• The millions of pesos received by SSS officials considered performance bonus.
—BERNARDO V. PERALTA, CPA,
retired accounting professor, Cebu City
