Marcos launches ‘historic’ pension reform program

The Social Security System (SSS) will increase the monthly pension for its members for the first time in over a decade as President Ferdinand Marcos Jr. announced the new program during the 68th SSS anniversary on Wednesday.

He said the reform, which began 1 September, aims to improve the lives of Filipino pensioners.

“For the first time in SSS history, we have increased pensions under the SSS Pension Reform Program,” Marcos said.

The program will be implemented in three annual phases, concluding in 2027. Retirement and disability pensioners will receive a 10 percent increase, while survivorship pensions will see a 5 percent increase. Dependents will also receive higher benefits.

Marcos said the adjustments will not require additional contributions from members.

The President also urged the public to make their contributions faithfully to support the social pension system.

“Let’s support programs like this — by trusting and making the right contributions to further strengthen our social security systems,” said the President.

More than 3.8 million pensioners are expected to benefit from the program, which is valued at P93 billion. Marcos said the increase will help families with expenses for food and medicine while boosting the country’s economy.