The Social Security System (SSS) expects the signing of the joint resolution from the House of Representatives and the Senate on the proposed pension increase before the Christmas break.
The SSS is expecting to release the initial P1,000 benefit at the start of 2017.
Social Security Commission (SSC) Chair Dean Amado D. Valdez said in order for pensioners to receive the additional P1,000 in time for January 2017, SSS needs the formal approval of the proposal before the year ends, since pensions are disbursed to banks the month prior to their scheduled release.
Valdez explained the joint resolution on the P2,000 pension increase would first have to be passed by the House of Representatives and the Senate.
A Commission Resolution shall be sent to Malacañang for the formal approval of President Rodrigo R. Duterte, before SSS can implement it.
“SSS is also guided by the Department of Finance in ensuring that the implementation of the proposed pension increase will not drive the fund to the brink of bankruptcy. We are wary of possible criticisms for our support for the pension increase, and we don’t want to be seen as irresponsible,” Dean Valdez said.