MANILA, Philippines – The state-run pension fund on Thursday hailed President Ferdinand Marcos Jr. and Finance Secretary Ralph Recto for initiating pension reforms during their tenure as senators which it was now implementing particularly the Pension Reform Program (PRP) that will be rolled out next month.

Social Security System (SSS) President and CEO Robert Joseph de Claro, in a press conference at the agency’s central office in Quezon City ahead of its 68th anniversary celebration on Sept. 1, said that it has unveiled more programs all focused on its members’ interest including the PRP.

“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.

The top SSS official shared that he has found out that from the beginning the pension reform programs were being studied and considered, Marcos and Recto turned out to be the ones that pushed these initiatives when they filed bills during their stints as senators in the 15th Congress.

“It was President Bongbong (his monicker) Marcos and Secretary Recto who is currently the Social Security Commission (SSC) chairperson, that pushed these pension reforms when they were senators,” De Claro said.

“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 declared.

SSS hails Marcos, Recto for initiating pension reforms, including one to be rolled out in Sept

Under the PRP, De Claro said increases in pension would be made in three stages over three years every September.

For a start, he said retirement and disability pensioners as of Aug. 31 will receive a 10-percent increase while death or survivor pensioners will receive a 5-percent increase effective next month.

SSS hails Marcos, Recto for initiating pension reforms, including one to be rolled out in Sept

In the same period in the succeeding years or until 2027, retirement or disability petitioners would receive the same additional increase along with the death or survivor pensioners, the SSS said.

Estimated to benefit more than 3.8 million pensioners, the pension program, once fully implemented, would involve a total increase of approximately 30 percent for retirement and disability pensioners, and 16 percent for death and survivor pensioners, the agency added., This news data comes from:http://www.771bg.com