House Bill 5842 aims to raise the present minimum monthly pension of P1,200 to P3,200 for SSS pensioners with at least 10 years of credited service.

For pensioners with 20 years of credited service, the bill seeks to raise their monthly pension of P2,400 to P4,400.

The measure amends Section 12 of Republic Act 1161, as amended by RA 8282, also known as the Social Security Act of 1997.

Representatives Cresente Paez of COOP-NATCCO and Leah Paquiz of ANG NARS, both partylist allies of the National Unity Party (NUP) were among the co-authors of the bill, along with fellow partylist Representatives Neri Colmenares,  Agapito H. Guanlao, Edgardo Masongsong, Carlos Zarate and Antonio Tinio. 

The other co-authors were Representatives Mark  Villar, Jesus and Marlyn Primicias-Agabas.

Colmenares, the principal author of the measure,  said the pension hike was both timely and necessary, given the escalating costs of living and the global economic downturn.

The pension increase, however,  should not lead to a hike in SSS premiums because SSS investments, income and collectibles from delinquent employers would more than cover for it, the bill’s co-authors stressed.