SSS cites specifics to show how pensioner is benefiting | Inquirer Opinion

SSS cites specifics to show how pensioner is benefiting

/ 01:52 AM May 09, 2014

This refers to Rudy L. Coronel’s letter about the Social Security System (SSS) titled “Reply of SSS VP is a ‘nonresponse’” (Opinion, 4/16/14).

The laws cited by Coronel on the regular review of retirement pensions and benefits are in line with the provisions of the Social Security Act of 1997. The SSS charter requires actuarial studies on SSS fund life to be conducted every four years, or more often if needed. And this is exactly what we have been doing on a regular basis as part of our mandate.

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An inherent part of these studies is reviewing the SSS fund’s capacity to grant pension hikes. Guided by these evaluations, the SSS then decides whether the time is right to grant higher pensions. Hence, it follows that for the past several years, actuarial valuations indicated that the SSS was not yet actuarially viable for such an increase during those periods.

While Coronel might find his pension inadequate for his present needs, the amount provides a good return on total contributions paid during his working years. In his case, Coronel remitted P28,333.50 in total contributions, for which he is receiving P3,194.40 per month as retirement pension.

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At present, his pension payouts have totaled P510,364.80, or nearly 160 times the amount of all his contributions so far, and he remains entitled to receive SSS pensions for life. In addition, upon the member’s death, the benefit will then be transferred to his surviving spouse, who in turn will also receive the same amount of monthly SSS pension for life.

Lastly, Coronel’s statement that the additional benefits since January were for higher “emergency and maternity loans” is incorrect. Neither of these two programs are currently offered by the SSS.

—MARISSU G. BUGANTE,

vice president,

Public Affairs and

Special Events Division,

Social Security System

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TAGS: Rudy L. Coronel, Social Security Act of 1997, Social Security System, SSS
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