Following the President’s veto of the bill, which proposed a P2000 hike, Speaker Feliciano Belmonte Jr. seeks approval for a P1000 increase for the Social Security System (SSS) pensioners. This proposal can be carried out following the executive action. The passage of the bill will also accompany the proposal using the same powers vested in SSS and GSIS board. The bill that Belmonte was referring to, has already been approved on third and final reading, and just awaiting approval at the Senate.
The amendments of Republic Act No. 1162 or the Social Security Law is outlined in Sec. 12-B of the Presidential Decree No. 1636.
“Sec. 12-B. Retirement benefits. —
(a) A covered employee who had paid at least one hundred twenty monthly contributions prior to the semester of retirement; and who (1) has reached the age of sixty years and is not receiving monthly compensation of at least three hundred pesos, or (2) has reached the age of sixty-five years, shall be entitled for as long as he lives to the monthly pension: Provided, That his dependents born before his retirement of a marriage subsisting when he was fifty-seven years old shall be entitled to the dependents' pension.
(b) A covered member who is sixty years old at retirement and who does not qualify for pension benefits under paragraph (a) above, shall be entitled to a lump sum benefit equal to the total contributions paid by him and on his behalf; Provided, That he is separated from employment and is not continuing payment of contributions to the SSS on his own.
(c) The monthly pension shall be reduced upon the re-employment of a retired employee who is less than sixty-five years old by an amount equivalent to one-half his earnings over three hundred pesos. He shall again be subject to section eighteen and his employer to section nineteen of this Act.
(d) Upon the death of the retired employee pensioner, his primary beneficiaries shall be entitled to eighty percent of the monthly pension and his dependents to the dependent' pension: Provided, That if he has no primary beneficiaries and he dies within sixty months from the start of his monthly pension, his secondary beneficiaries shall be entitled to a lump sum benefit equivalent to the smaller of (1) twenty times the monthly pension or (2) the difference of sixty times the monthly pension and the total monthly pensions paid by the SSS excluding the dependents' pension."
