Metro Manila (CNN Philippines) — A House committee’s report on bills seeking a ₱2,000 Social Security System (SSS) pension hike will be approved by November 15.
In September, the committee on government enterprises and privatization approved 16 proposals to increase the monthly pension under SSS.
The amendment will increase the minimum monthly pension to ₱3,200 for members with at least 10 years of credited years of service and ₱4,400 for those with 20 credited years of service.
North Cotabato Rep. Jesus Sacdalan said they will approve the report with or without the presence of SSS officials.
Read: Duterte laments SSS pension hike veto
Despite the House committee’s invitation to SSS officials, Sacdalan said they failed to attend the House hearing, and their absence delayed the panel’s approval of the report.
Parañaque Rep. Gus S. Tambunting agreed that there should be no more delays in approving the report.
The 16th Congress approved the hike proposal. But former president Noynoy Aquino vetoed it.
Aquino and SSS officials reasoned that the pension increase would shorten its fund life.
But Tambunting said the bills’ authors want to prove that the pension hike can be funded.
He said SSS funds are lacking because the agency has “unimproved” collection rate.
He added that SSS has many idle assets that can be sold to generate funds.
The SSS pension hike is expected to benefit around two million SSS pensioners.
Related: SSS earns over P28B in 2015, exceeds benchmarks
