THE Social Security System (SSS) on Thursday hailed President Ferdinand Marcos Jr. and Finance Secretary Ralph Recto for initiating pension reforms.

SSS President and CEO Robert Joseph de Claro said the agency has unveiled more programs, including the Pension Reform Program (PRP), which will be rolled out next month.

“We don’t want to preempt the president but we would like to announce that we would be implementing this historic pension program starting next month after comprehensive studies and discussion with the chief executive, himself, and Secretary Recto,” de Claro told reporters in a press briefing.

He said Marcos and Recto had pushed these initiatives when they filed bills when they were senators in the 16th Congress., This news data comes from:http://aj-btx-geti-duwu.771bg.com

“It took a bit longer, but with the proper directives and guidelines, the SSS is now set to implement this milestone program in a few days’ time,” he said.

Under the PRP, increases in pension will be implemented in three stages in three years.

SSS rolls out historic pension reform program

Beginning Aug. 31, retirement and disability pensioners will receive a 10 percent increase, while death or survivor pensioners will receive a 5 percent increase effective next month.

SSS rolls out historic pension reform program

Estimated to benefit more than 3.8 million pensioners, the pension program, once fully implemented, would provide 30 percent increase for retirement and disability pensioners, and 16 percent for death and survivor pensioners.

“There will be no hike in contribution during the duration of the pension increase,” de Claro said.

Earlier this month, the SSS launched the revised P3.4-billion Calamity Loan Program which was availed of by more than 186,000 members. The interest rate has been lowered to seven percent and the loan can be renewed after six months.

De Claro, who was joined in the briefing by Commissioners Eva Arcos, Alex Limlingan and Roy Padiernos, reiterated that the SSS has been continuously implementing other programs for its members and pensioners.

To highlight the agency’s 68th anniversary this year, Padiernos said the SSS would give due recognition to its top partners and honor disbursement partners as well as media partners.

With an expanded workforce, de Claro said the agency expects to further improve its collection efforts.

De Claro was confident the fund would hit its P100-billion income target for 2025.