CHIZ REMAINS HOPEFUL PNOY WILL APPROVE SSS PENSION HIKE

Sen. Francis "Chiz" Escudero remains optimistic that President Aquino will sign into law the Congress-ratified measure granting a P2,000 across-the-board increase in the pension of retired Social Security System (SSS) members.

"I hope the President will seize the opportunity to create a legacy that will benefit millions of retirees and future retirees in the private sector," Escudero said.

An enrolled bill of the Senate and the House of Representatives on the SSS pension hike was sent to the Office of the President on Dec. 14, 2015.

A bill lapses into law if the President does not veto it within 30 days from the time it is sent to his office.

"If the President does not want to sign the bill, he might as well allow it to lapse into law instead of vetoing it," Escudero said.

House Bill No. 5842 seeks to amend the Social Security Act of 1997, increasing the present minimum pension of P1,200 to P3,200 for retirees with at least 10 years of credited service. For those with over 20 years of credited service, monthly pension will increase from P2,400 to P4,400.

The bill, authored by Bayan Muna Rep. Neri Colmenares, was passed on third reading by the House of Representatives on June 9 last year and was adopted in toto by the Senate on November 9.

Some 1.9 million retirees are expected to benefit from the proposed legislation.

Escudero had earlier said that private sector retirees, many of whom are salaried employees whose incomes have been heavily taxed during their working years, need immediate help so they can cope with the rising cost of living.

"A significant increase in pension is necessary to enable our senior citizens maintain an acceptable living standard, taking into consideration the ever-increasing cost of living," he said.

The veteran lawmaker said the existing monthly SSS pensions are, "without question, not enough for seniors to afford their basic needs like shelter, food and medicine."

"A decent pension would keep the elderly out of poverty and allow them to complete their life journey with dignity and comfort," Escudero said.

He said experiences in other countries showed that giving bigger pension to senior citizens, especially those living below the poverty line, results in better life conditions for a larger population as the elders share their benefits with the members of their household by buying food, supplies, clothes and even school materials for their grandchildren.