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Tuesday, August 30, 2016

Rep. Fortuno seeks pension hike

IRIGA CITY, Camarines Sur, August 30. 2016 (Bicol Standard) -- Rep. Salvio Fortuno of the 5th Congressional District of Camarines Sur has filed a measure seeking to increase the minimum monthly pension of pensioners under the Social Security Law of 1997 from Php1,200 to Php2,400 for members with at least 10 credited years of service.

Meanwhile, for those with 20 credited years of service, the same bill seeks to increase the pension from Php2,400 to Php5,000.

Rep. Salvio Fortuno
“The paramount objective of the law is to allow pensioners to cope with the skyrocketing prices of prime commodities and medicines that may have been within their reach when the last increase in their monthly pension was implemented,” Fortuno explained.

“However, due to the passage of years, the purchasing power has significantly eroded and this situation has caused tremendous economic pressures on our pensioners,” he added.

Fortuno furthered that a similar bill was approved during the Sixteenth Congress, but heeding the recommendation of the administrator of the pension fund, President Aquino vetoed the measure.

The bill is currently pending with the committee on Government Enterprises and Privatization.
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