President Rodrigo Duterte has approved a P1,000-increase in the Social Security System (SSS) pension for retirees this year. This was confirmed by Presidential Spokesperson Ernesto Abella and Social Security System (SSS) Chairperson Atty. Amado Valdez during a press conference today at Malacañang.
Abella said the approval comes with a corresponding 1.5% contribution rate hike beginning in May 2017, and an increase in monthly salary credit to P20,000 from P16,000.
Meanwhile, Valdez explained that the first P1,000 increase would take effect this month while the second P1,000 increase would be in 2022 or even earlier in 2019 to complete the P2,000 pension increase.