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HULU. -F REPRESENTATIVES
RECEIVE
Republic of the Philippines 18 D
HOUSE OF REPRESENTATIVES — DATE: AUG 2016 |

Quezon City, Metro Manila Tne: em
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120——"

SEVENTEENTH CONGRESS
First Regular Session

NIT

HOUSE BILL No.

Introduced by, REPRESENTATIVE SALVIO B, FORTUNO

PLANATORY NOTE

This bill seeks to increase the minimum monthly pension of pensioners under the
Social Security Law of 1997 from One thousand two hundred pesos P1,200.00) to Two
thousand four hundred pesos (P2,400.00) for members with at least ten (10) credited
years of service and fiom Two thousand four hundred pesos (2,400,00) to Five thousand
pesos (P5,000,00) for those with twenty (20) credited years of service.

The paramount objective of this law is to allow the pensioners to cope up with the
skyrocketing of prices, prime commodities and medicines that may have been within
their reach when the last increase in their monthly pension was implemented. However
due to the passage of years, the purchasing power of the have significantly eroded and
this situation has caused tremendous economic pressures to our pensioners,

Recognizing the grave importance of this measure to the needs of our senior
citizens, the House of Representatives and the Senate had already approved a similar bill
during the Sixteenth Congress. Unfortunately. heeding the recommendation of the
administrator of the pension fund, the Social Security System (SSS), President Aquino
vetoed this life-saving measure

The foregoing reasons warrant the immediate approval of this bill

eae.
, FORTUNO
Repipfsentative

Fifth Distryet, Camarines Sur



Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila

SEVENTEENTH CONGR
First Regular Session

3120

HOUSE BILL No.

Introduced by: REPRE

NTATIVE SALVIO B, FORTUNO.

INCREASING THE MONTHLY PENSIONS OF RETIREES OF MEMBERS OF
THE SOCIAL SECURITY SYSTEM (SSS) AMENDING FOR THE PURPOSE
CTION 12 OF RE . L161, AMENDED OTHERWISE
KNOWN AS THE SOCIAL SECURITY LAW OF 1997

Be it enacted by the Senate and the House of Representatives of
the Philippines in Congress assembled:

“TION L, Section 12 of Republic Act No, 1161, as amended by Republic Act
No, 8282 otherwise known as the Social Security Law of 1997, is hereby further
amended to read as follows

“SEC, 12, Monthly Pension.- (a) The monthly shall be the highest
of the following amounts
(1) The sum of the following
(i) Three hundred pesos (P300.00); plus
(ii) Twenty percent (20%) of the average monthly
salary credit; plus
(iii) Two percent (2%) of the average monthly salary
credit for each credited year of service in excess of ten
(10) years; or
(2) Forty percent (40%) of the average monthly salary
credit; or
(3) One thousand pesos (P1,000,00); Provided, That the
monthly pension shall, in no case be paid for an
te amount of less than sixty (60) months

(b) Notwithstanding the preceding paragraph, the minimum
MONTHLY pension shall be [One thousand two hundred
pesos (P1,200,00)] TWO THOUSAND FOUR HUNDRED
PESOS (P2,400,00) for members with at least ten (10) credited
years of service and [Two thousand four hundred pesos
(2.400.00)] FIVE THOUSAND PESOS (P5.000.00) for those
with twenty (20) credited years of service



SEC, 2. Repealing — All laws, decrees, executive orders, and
rules an regulations, or parts thereof, inconsistent with the provisions of this Act
are hereby amended, repealed or modified according

SEC. 3. Separability Clause. — If, for any reason, any section or provision
of this Act is held unconstitutional or invalid, the other sections or provisions.
hereof shall not be affected and thereby remain in full force and effect

SEC. 4, Effectivity, - This Act shall take effect fifteen (15) days after its
publication in the Official Gazette or in a newspaper of general circulation.

Approved,