THE beneficiaries of the Social Security System may now withdraw the P1,000 increase in their monthly pensions, SSS Chairman Amado Valdez told GMA News on Friday.
He said the increase was retroactive, so that the 2.2-million SSS pensioners would get a total of P3,000 this month: P1,000 on March 3 for January, P1,000 on March 7 for February, and another P1,000 on March 10 for March.
“We have already given the order to release the additional pension,” Valdez said.
He said the pensioners should consult their depository banks if the additional pension was not reflected in their accounts.
“The banks are very efficient, so a pensioner who has any complaint should talk to the manager of his depository bank,” Valdez said.
The SSS, the state-run pension fund for private sector employees, has yet to finalize a higher monthly contribution from members as part of the measures to finance the pension increase and prolong the system’s actuarial life.
Valdez said the Government Service Insurance System-the fund for government employees”•applies a rate of 21 percent of the salary base for the monthly contributions.
The P1,000 additional benefit for SSS pensioners was approved by President Rodrigo Duterte on Jan 10. while the order authorizing the release was signed on Feb 22.
The SSS earlier estimated that around P6.9 billion was allotted for the release of the additional P1,000 benefit for the first quarter alone. This is on top of the P7.4 billion released per month since January 2017 for regular benefits.