THE Social Security System (SSS) has raised the pensions of its 1.9 million pensioners by five percent.
Although the across-the-board increase takes effect this month, the payout will be made in August because it will take time for the agency to adjust the records of members, according to Agnes San Jose, SSS vice president for benefits administration.
With the increase, a person who receives a monthly pension of P3,000 for instance, will get an additional P150 for a total of P3,150.
The minimum retirement pension varies depending on the person’s contribution period and monthly salary credit on which their contributions are based. The longer the contribution period and the bigger the contribution made when the person retired, the higher the pension.
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