Latest news with #SocialSecurityCommission
Filipino Times
4 days ago
- Business
- Filipino Times
Marcos Endorses Historic SSS Pension Hike, Cites Economic Growth
President Ferdinand Marcos Jr. has expressed full support for the Social Security System's (SSS) newly approved three-year pension reform program, describing it as both financially responsible and long overdue for Filipino retirees. The president emphasized that the Philippines can afford the increase due to the country's growing workforce and economic base. The structured pension hike is set to begin in September 2025 and will benefit over 3.8 million pensioners. It comes after extensive discussions between Marcos and Finance Secretary Ralph Recto, who also chairs the Social Security Commission. The reform was approved under Resolution 340-s. 2025 and is based on actuarial studies to ensure sustainability. In a podcast interview, Marcos addressed concerns about the pension fund's longevity, saying responsible financial management would sustain the program. While the fund life will be slightly reduced from 2053 to 2049, he emphasized that the increase will not require higher contributions from members. Instead, the reform is designed to balance social support with fiscal soundness. SSS President and CEO Robert Joseph de Claro hailed the reform as a landmark development in the agency's 68-year history. He said the pension hike reflects the SSS's responsiveness to public demand and economic realities. The reform is projected to inject ₱92.8 billion into the economy over two years, while improving the quality of life for millions of retirees.
GMA Network
31-07-2025
- Business
- GMA Network
SSS unveils yearly 10% pension increase until 2027
The Social Security System, the pension for workers' in the private sector, on Thursday announced the implementation of a three-year reform program, increasing the pension for retirement and disability pensioners by 10% annually until 2027. In a statement, SSS said its Pension Reform Program was approved by the Social Security Commission (SSC) under Resolution No. 340-s.2025 dated July 11, 2025. The pension adjustments will be implemented beginning September 2025. The pension fund said the pension reform is 'the first multi-year adjustment of its kind in the institution's 68-year history.' The corresponding circular on the program shall be published accordingly in a newspaper of general circulation, it said. 'We've heard the clamor for higher pensions loud and clear,' said SSS president and CEO Robert Joseph De Claro. 'With the guidance of Finance Secretary and SSC Chairperson Ralph G. Recto, and after careful actuarial review, we are rolling out a rational and sustainable pension increase that uplifts all pensioners without compromising the fund's actuarial soundness,' said De Claro. The increases will be implemented in three annual tranches every September: September 2025 (for pensioners as of 31 August 2025): 10% increase – Retirement and Disability Pensioners 5% increase – Death or Survivor Pensioners September 2026 (for pensioners as of 31 August 2026): Additional 10% increase – Retirement and Disability Pensioners Additional 5% increase – Death or Survivor Pensioners September 2027 (for pensioners as of 31 August 2027): Additional 10% increase – Retirement and Disability Pensioners Additional 5% increase – Death or Survivor Pensioners After three years, pensions will have increased by approximately 33% for retirement/disability pensioners and 16% for death/survivor pensioners, according to SSS. The table below illustrates the estimated pension increases for sample cases over the three-year implementation period. SSS said the pension reform program is guided by three principles: Uplifting all pensioners through inclusive benefit adjustments. Recovering from inflation to protect purchasing power. Promoting the value of working, saving, investing, and prospering, as mandated by RA 11199. According to the SSS Chief Actuary, the reform will result in only a manageable reduction of fund life from 2053 to 2049, offset by stronger cash flows from previous contribution reforms and enhanced collection efforts. 'Our actuarial team confirms that the fund remains financially sound,' said De Claro. 'We are committed to restoring fund life back to 2053 through coverage expansion and improved collection efficiency.' SSS said the reform will benefit over 3.8 million pensioners, including 2.6 million retirement/disability pensioners and 1.2 million survivor pensioners, and is projected to inject P92.8 billion into the economy from 2025 to 2027. Moreover, the pension fund said the program will not necessitate any contribution increase 'unlike the P1,000 additional benefit allowance given to all pensioners starting 2017 that immediately required contribution increases to restore financial stability to the SSS fund.' —AOL, GMA Integrated News
The Herald Scotland
28-04-2025
- Politics
- The Herald Scotland
The priority must be to end poverty, not worsen it
Among the experiences in the report are those of Isla, from the Scottish Borders. A carer for her son, Isla said: 'I am barely holding on financially. I always feel just one step away from rock bottom.' That is the everyday reality for so many people in our communities. And that is why the UK Government's recent decision to announce £5.5 billion of social security cuts was so shameful. In making that choice, UK ministers are choosing an approach that their own impact assessments show will pull 250,000 people, including 50,000 children, into the grip of poverty. It is important to be clear about what that means. More people being pushed into making decisions between heating their home or paying their rent. More people forced into using foodbanks. More children growing up with their lives constrained by poverty. Keir Starmer described the UK's social security system as 'fundamentally broken'. And he is right, but not for the reasons he thinks. It is broken because it pulls people into, rather than protects them from, poverty. It is broken because it robs people of their dignity and respect. And it is broken because it violates people's human rights on a daily basis. Isla told us: 'I didn't choose to be a carer and struggle on social security, but when my son was born, I didn't have a choice.' But UK ministers do have a choice. They can choose to take the urgent decisions needed to protect people from harm; reversing the proposed cuts, ending the sanctions regime, and abolishing the disgraceful two-child limit. And they can choose to overhaul the system by establishing a Social Security Commission with the power to build the UK social security system we need; one rooted in dignity, respect and human rights. And the Scottish Government must also listen to voices like Isla's. While it has taken a different and welcome approach to its own social security powers, over one million people in Scotland are living in poverty, and Scotland's interim child poverty targets were recently missed. Scottish ministers could choose to increase the Scottish Child Payment, and to drive forward with plans for a new Human Rights Bill that would enshrine all of our economic and social rights in law. In a country like ours, all levels of government must prioritise ending poverty, not worsening it. That is the choice that must be made. Neil Cowan is Scotland Director, Amnesty International UK Agenda is a column for outside contributors. Contact: agenda@
