Revilla files bill to bring down retirement age of SSS members to 55

MANILA, Philippines –  Sen. Ramon “Bong” Revilla Jr. has proposed to bring down the retirement age of Social Security System (SSS) members from 60 to 55 to allow them to enjoy their benefits while still at a productive age.

2005 data from the National Statistics Office indicated that the median age at death for Filipinos is now 61.9 years old.

Considering this fact, Revilla lamented that a lot of the retirees would not be able to enjoy their retirement benefits under the existing requirements of the law.

Revilla filed Senate Bill No. 2702 seeking to amend Section 12-B of Republic Act No. 8282 or the Social Security Act of 1997.

Revilla proposed that an SSS member who has paid at least 120 monthly contributions prior to the semester of retirement and who has reached the age of 55 years and is already separated from employment or has ceased to be self-employed would be entitled for as long as he lives to the monthly pension.

RA 8282 sets the retirement age at 60.

Revilla also proposed that SSS members who have reached the age of 60, whether they are employed or not, would also be able to enjoy the monthly pension.

This would bring down the requirement from the present age of 65.

Adjustments were also made to the age of the SSS members where covered member who is 55 years old at retirement and who does not qualify for pension benefits shall be entitled to a lump sum benefit equal to the total contributions paid by him and on his behalf, provided that he is separated from employment and is not continuing payment of contributions to the SSS on his own.

The other amendment is that the monthly pension shall be suspended upon the reemployment or resumption of self-employment of a retired member who is less than 60 years old; and the monthly pension of a member who retires after reaching age 55 shall be the higher of either (1) the monthly pension computed at the earliest time he could have retired had he been separated by employment or ceased to be self-employed plus all adjustments thereto, or (2) the monthly pension computed at the time when he actually retires.

“This bill recognizes such issues and proposes to lower the required age of SSS members for them to start receiving their retirement benefits,” Revilla said.

“This way, the retirees can benefit from their retirement and pension while still at a productive age. This will also allow them to endeavor into entrepreneurial businesses, if they choose to do so, at an earlier time while they still have the energy and vitality to give them a reasonable chance of success,” he added. –Marvin Sy (The Philippine Star)