Today, January 18, independent Presidential candidate Augusto ‘Boboy’ Syjuco Jr. filed a formal complaint against Social Security System (SSS) on behalf of the agency’s millions of pensioners to investigate the questionable acts and practices of SSS officers in handling the money remitted by the private sector workforce.
It is feared that the 32 million SSS pensioners may be cut-off from the retirement lifeline if the economy crumbles under the Aquino administration.
According to an SSS official, the agency’s losses have accumulated a mark-to-market loss of stocks and ballooned to an overall loss that reached to Php42.2 billion. Today, there are senior executives who get paid up to Php100,000 monthly while most of the pensioners are paid only at Php1,000, which is not even enough for the retired workers’ medical maintenance.
The incumbent President—PNoy said the pension hike for over two million pensioners may result to substantial negative income for the SSS as it may only resort to using Investment Reserve Fund (IRF) to support the pension hike. Also, he mentioned that the IRF may diminish over the years and reach by 2029. The proposed pension increase of Php2000 per retiree multiplied by the present number of more than two million pensioners may succumbed to a total payout of 56 billion yearly. Given the annual investment income of Php30 billion to Php40 billion—such total payment for pensioners will yield deficits of 16 to 26 billion annually.
Syjuco compares the SSS pensioners as ‘Walking Dead’ similar to the zombies on an American TV series.
He demands that SSS should be investigated for the following: low collection efficiency rate, fat bonuses for its officials, laxity in the collection of billions in contributions, retirement packages worth unconscionable millions given to SSS board members and non-collection of fines imposed by the courts against employees who violated the SSS law.
#BoboySyjuco is a former Representative of the 2nd District of Iloilo and the Chief of Technical Education and Skills Development Authority (TESDA).
Back in the Arroyo administration, he was a member of the President’s personal five-person ‘think tank’ on crucial matters in the affairs of the Constitutional Convention. In 1971, he was elected Vice-President for the 1971 Constitutional Convention, holding the third highest rank post back then, when he was still at the age of 28. He was the 10th youngest of the 320 delegates.
He earned his MBA degree in Business Administration at Wharton School, University of Pennsylvania, USA.