Clark Freeport, Pampanga—An official of the Social Security System said any amount of pension increase—P2,000, P1,000 or even P500—is not allowed by its present cash position.
Marissu Bugante, vice president for public affairs, said Friday that if they allow the increase for the two million pensioners, the fund would go bankrupt even with its present cash position of P462.27 billion.
Bugante said that the pension fund would need P56 billion a year to sustain a P2,000-increase in pension.
However, she said they are not against increases for pensioners’ additional expenses, like medical, so long as this would not affect the cash position of the SSS.
Bugante added that even if President Rodrigo Duterte orders the increases in pension through an executive order, financial advisers may have second thoughts in doing so.
To increase the pension, there must also be an increase in the contribution from 11 percent to 15 percent. She said, however, that employers already opposed this.
SSS has 32 million members.
