Republic of the Philippines rouse OF REPRESENTATIVES

HOUSE OF REPRESENTATIVES RECEIVED
Constitution Hills, Quezon City -

Da

SEVENTEENTH CONGRESS EY:
First Regular Session

RESASTRATION

BILLS AND INDEX 5;

D)
HOUSE BILL NO. 1552

Introduced by Representative Harlin Neil J. Abayon I

EXPLANATORY NOTE

This bill seeks to increase pensions under the Social Security System amending
section 12 of Republic Act 8282 otherwise known as an Act further strengthening the
Social Security System amending for the purpose RA 1161, as amended and providing
funds therefor. Basically, providing adequate and sustainable retirement income for the
remaining life of the pensioner is among the objective of the SSS Law. Large number of
pensioners under the SSS law, however are having economic difficulties due to
inadequate monthly pension to meet their barest needs as retirees.

Under the new Social Security Act, SSS members with at least 10 credited years
of service are provided a monthly pension of P 1,200.00, while those with 20 credited
Years are given P 2,400.00. Generally, continuing escalation of the cost of living in the
country have, in effect, rendered their monthly pension pays much less, Thus, retirees
under our Social Security System are even hard pressed because their monthly pension
is inadequate.

Increasing the monthly pension of our SSS pensioners who are mostly of old age
citizens is best way to make the SSS law more responsive to their basic necessities.

Immediate approval of this measure is earnestly sought.

HARI IL J. ABAYON II
Representative
Party-List AANGAT TAYO


Constitution Hills, Quezon City

SEVENTEENTH CONGRESS
First Regular Session

552,
HOUSE BILL NO.

Introduced by Representative Harlin Neil J. Abayon IT

AN ACT
INCREASING PENSIONS UNDER THE SOCIAL SECURITY SYSTEM
AMENDING SECTION 12 OF RA 8282, OTHERWISE KNOWN AS AN ACT
FURTHER STRENGTHENING THE SOCIAL SECURITY SYSTEM AMENDING
FOR THE PURPOSE RA 1161, AS AMENDED AND PROVIDING FUNDS
THEREFOR

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

SECTION 1. Short Title. - This act shall be known as the “Responsive Social
Security Pension Act.”

SECTION 2. Section 12 of RA 8282 is hereby further amended to read as follows:
"SEC. 12. Monthly Pension. -

(@) The monthly pension shall be the highest of the following
amounts:

"(1) The sum of the following:
"@ Three hundred pesos (P300.00; plus .

"Gi) Twenty percent (20%) of the average monthly salary credit;
plus :

"(iil) Two percent (2%) of the average monthly salary credit for each
credited year of service in excess of ten (10) years; or

"@ Forth percent (40%) of the average monthly salary credit; or


"@) One thousand pesos (P1,000.00): Provided, ‘That the monthly
pension shall in no case be paid for an aggregate amount of less
than sixty (60) months.

"(b) Notwithstanding the preceding paragraph, the
minimum pension shall be [One thousand two hundred pesos
(P1,200.00)] ONE THOUSAND EIGHT HUNDRED PESOS
(P1,800.00) for members with at least ten (10) credited years of
service and [Two thousand four hundred pesos (P2,400.00)] THREE
THOUSAND PESOS (P 3,000.00) for those with twenty (20)
credited years of service.

SECTION 3. This Act shall take effect fifteen (15) days after its publication in at
least two (2) national newspapers of general circulation.

Approved,