As of last count, our Social Security System (SSS) has 3.6M pensioners, whereas the Government Service Insurance System (GSIS) lists 2,736,710 member pensioners and 636,453 old age and survivorship pensioners. Periodically, these pensioners receive their monthly cash benefits, computed based on their years of service and monthly contributions. As an additional benefit, pensioners and members can apply for loans of up to Php20,000 for areas affected by calamities and monsoon floods.
It has not been an easy road prior to finally receiving these pension allotments via a designated bank account. Paper work — such as structuring office records before retirement and updates of employers’ contributions — is a slow, red tape detailed follow-ups, lots of visits to pertinent offices, asking for information and assistance from office mates, exasperating fixers, and discourteous staff, and the frustration of long waits under fatiguing leg work.
Given today’s inflationary prices of goods and services, it seems that the monthly financial allotment does not sufficiently serve the pensioners’ daily needs. Coping with disasters and medical emergencies is a major unplanned heavy expense that will ruin the budget and further deplete insufficient savings. There are bills to pay and the amounts due keep adding up and yet, as the prices of commodities and services continue to skyrocket, the pensioners get the same amount of allotment. Resorting to loans with usurious interest payments is an exploitable way out.
As it stands, living off with scarce money needs some deep consideration, creativeness,, and resourcefulness. Where there is a tight budget, a more sensible outlook is called for. Initially, appreciate that the pension money helps sustain daily expenses. Think positive. A shift of expenditures — using public transportation, riding a bicycle, buying second-hand clothes, and minimizing overuse of household utilities (electricity, water, gadgets) is in order. Also, avoid dining out. Grow vegetables in plastic containers. You are not too old to learn new technologies via online by being content creators for You Tube, Tiktok, and Instagram. Freelance writing is another option. See pre-loved clothes. Wait for mall sales and discounts. For medical needs, use the barangay health center facilities.
We all go through similar tough financial stresses but don’t let that get the better of us. Money problems have doable solutions. Work on them with an open approach. The pensions we get are not there to waste. Spend them wisely.
