In view of its sustained financial growth and as part of its commitment to provide more meaningful benefits, the Social Security System (SSS) has announced the five-percent across-the-board pension increase for 1.9 million SSS pensioners effective June 2014.
In a recent press statement, the SSS disclosed that all active pensioners for retirement, death and disability as of May 31, 2014 can expect higher benefits in their bank account or pension checks.
To provide time for necessary system adjustments, SSS Vice President for Benefits Administration Agnes San Jose said the new across-the-board pension increase can only be paid out starting August 2014, including the additional amounts for June and July.
The state-run agency provides pensions under the regular Social Security (SS) Program and the Employees’ Compensation (EC) Program. EC pensions, which are granted on top of regular SS pensions for members with work-related contingencies, are excluded from the five-percent increase.
“The SSS will continue to pursue more reforms to improve its long-term financial health as well as enhance its benefit levels,” San Jose noted.