SSS Chairman Amado Valdez apologized for the delay in the implementation of a P1,000 pension increase.
Early this Year, Valdez had promised to give the adjustment on Feb. 15 which represents half of the P2,000 adjustment that was approved by President Rodrigo Duterte to fulfill his promise to help the poor.
He apologize to his countrymen because he gave a self-imposed Feb. 15 deadline, but the order has not been released.
Valdez said the increase would be retroactive from January this year.
All their works, as far as SSS is concerned were already done but Executive Secretary Salvador Medialdea has yet to approve the SSS proposal.
The problem now is when it can be released, Valdez ended.
Last January, the President approved a P1,000-pension hike with a corresponding 1.5% contribution rate hike in May 2017, and an increase in monthly salary credit to P20,000 from P16,000.00
Duterte finalized his decision during the Cabinet meeting on last January 9, when the SSS pension hike was discussed.
SSS Chairman Amado Valdez said the initial P1,000-pension hike to be implemented last January will be followed by another P1,000-hike in 2022 or even earlier, in compliance with the congressional resolution.
The pension hike, however, will mean an increase in contributions of SSS members to 12.5% beginning May, from the current 11%.