1532 Loyola St, Sampaloc, Metro Manila | Tel#: (+632) 714-6019 | allworkersunity@gmail.

com

MEDIA RELEASE
January 18, 2016

Anti-Worker Aquino Told: SSS pension

no dole-out,
no less than 2k hike is acceptable!
All Workers Unity (AWU) is denouncing the presidents proposal for a lesser amount
of P500 after he vetoed the P2000 SSS pension hike. Its a lie that SSS will run out of
money by 2029 because theres still P532billion after deducting the P56 billion
worth of pension from the P588 Billion SSS fund.
There is actually more for higher pension hike if collection from the current 30% is
improved and SSS executives will stop squandering the workers fund for their
luxury, said Rea Alegre, All Workers Unity spokesperson.
According to EILER, SSS total revenues, which are from members contributions
and income from investments, amount to P160 billion annually on averageSSS has
also over P428 billion in investment reserve funds as of April 2015 which is being
invested in equities, bank deposits, securities and real estate. The P2000 SSS
Pension increase will only amount to P56 billion annually.
AWU explains that workers struggled to keep a job due to contractualization up to
retirement with measly wages that are currently pegged at P210-P481 daily in the
private sector and P5,000-9,000 monthly for government employees. As the Aquino
government pressed wages to the floor workers endured statutory deductions so
they can later avail of their social security benefit.
Workers have been deprived of their rightful share from the fruits of their labor,
now as pensioners they are still deprived of their small share to their contribution
that brought life to the SSS fund, Alegre added.
AWU is alarmed that as the president vetoed the pension increase, SSS executives
were incredibly showered up to 6 billion pesos of bonuses and other all-expense
paid perks annually to attend 2 meetings per month and put SSS funds to risky and
losing investments.
P2000 pension hike is no dole-out, it is just a portion of the pensioners lifetime
vigors worth that they rightfully deserve more than any SSS executives deserve a
single centavo from the social security fund of workers. Now if those Congressmen
absent today in the House of Representative has any humanity left in them and
want to get the workers and families vote, they should do their job and override
Aquinos veto, concluded Alegre

1532 Loyola St, Sampaloc, Metro Manila | Tel#: (+632) 714-6019 | allworkersunity@gmail.com
AWU also asserts the implementation of the National Minimum Wage P750 daily
for the private sector & P16,000 monthly for the public sector; and the banning of
Contractualization.

REFERENCE:
Rea Alegre, All Workers Unity spokesperson, (02)7146019,
(927)8888542