Social Security System (SSS) will not be affected by any transition. It’s fund’s status will not be affected as this has been secured by the government but will only improve regardless of who will sit. This is according to Presidential Deputy Spokesperson Anthony Golez Jr.
While the Ombudsman has recommended the filing of graft charges and the imposition of a six-month suspension against SSS administrator Romulo Neri, Golez said it is unfair to already “float names” on his replacement.
SSS has been able to reverse a potential reduction in revenue, particularly from members’ contribution of the pension fund.
SSS’s investment income also grew in the first half to P11.18 billion, which is higher by 24 percent compared to the targeted investment income for the same period.
SSS has been able to reverse a potential depletion of the pension fund through an intensive revenue collection effort and a minimal increase in members’ contribution.
As of 2001, SSS’s pension fund was projected to have a life of just 10-15 years. As of 2007, its life span has doubled to last up to 2038. (PIA)
