House Bill 208
An act mandating a two thousand peso (2,000) across the board increase in the monthly pension with corresponding adjustment on the minimum monthly pension under the Social Security System, amending for the purpose section 12 on the Republic Act 1161, as amended, otherwise known as the “Social Security Act of 1997”
This House Bill filed because a large of number of SSS pensioners have further suffered owing to the continuing escalation of the cost of living in the country, which is due, in large part, to the downturn of the global economy. The amount that these retirees receive as their monthly pension is rendered sadly inadequate to meet even the barest of their needs.
Under the new Social Security Act, Otherwise known as Republic Act No. 8262, SSS members with at least 10 credited years of service are provided a monthly pension of P1,200.00, while those with 20 credited years are given P2,400.00. Those who retired under the old SSS Law, R.A. 1161, are even more hard pressed because their monthly pension pays much less.
Thru this House Bill our senior citizen pensioners can support their, and their family’s ever increasing needs.
For more information about Congressman Freddie Siao’s authored and co-authored House Bill just visit this link http://www.congress.gov.ph/members/search.php?id=siao-f