SSS bares terms for higher funeral, pension benefits
MANILA, Philippines – The Social Security System (SSS) has announced the terms of its new 10 percent pension increase for work-related claims under the employees' compensation (EC) program and funeral grant.
SSS vice president for benefits administration Agnes San Jose said the pension hike covers an estimated 17,200 active EC pensioners under SSS as of August 31, 2013 for permanent partial disability, permanent total disability and survivorship.
SSS claimants of EC funeral grants for deaths dated September 1, 2013 onwards are also entitled to a higher P20,000 benefit.
"Claimants covered by the date of effectivity whose EC funeral grants of P10,000 were already settled by SSS will each receive an additional P10,000 in burial benefits, given the retroactive implementation of the increase," San Jose said.
"Pensioners will get higher EC pensions, as well as the additional benefits resulting from the retroactive date of effectivity, in September 2014 upon completion of our system changes," she added.
President Aquino approved the pension hike for both public and private sectors through Executive Order 167, which he signed last May 26.
Aquino directed the Employees’ Compensation Commission (ECC) to implement the new law because the current rates are no longer sufficient to cover funeral costs.