SSS benefits higher since January 2014

This is in reply to issues about the Social Security System (SSS) raised in Bernardo V. Peralta’s letter titled “What, only 3 pension increases in 14 years?” (Opinion, 3/11/14)

In his letter, Peralta highlighted the “11 years with no (pension) increase” within the past 14 years. We recognize the need to improve current pension levels, and at the same time, it is our duty to look after the long-term viability of the fund. Measures such as gradual increases in the contribution rate and the monthly salary credit (MSC) ceiling, so that these can catch up with the rapid rise in benefit levels in the past, will help pave the way for future pension increases without risking the fund’s viability.

The increase in benefits has been in effect since the implementation of the new SSS Contribution Schedule in January 2014. Contributions paid at the new maximum MSC of P16,000 will result in an increase of up to seven percent in computed benefits, including sickness and  maternity.

Lastly, the grant of performance bonuses to our officials was based on approved guidelines issued by the Governance Commission for GOCCs that apply to all government-owned and -controlled corporations, and not just the SSS. Peralta’s allegations that these bonuses are “unauthorized” and should be “returned to government in compliance with the Commission on Audit’s order” are both false.

—MARISSU G. BUGANTE,

vice president,

Public Affairs and Special

Events Division,

Social Security System