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SSS Pension Hike | Diwa Partylist
In 2012 for example, SSS President and CEO Emilio de Quiros Jr. has confirmed and even justified in several news articles the SSS bonuses awarded to its board members amounting to more than Php 1 million each.
SSS President and Chief Executive Officer Emilio S. de Quiros, Jr. (4th from left) led the presentation of the two checks---which represent SSS employees' voluntary contributions of P1.26 million that was matched with an equal donation from SSS management during the annual SSS Christmas Fund Drive---to GK Executive Director Jose Luis M. OquiÃ±ena (center).
Dissecting Social Security System (SSS) It Pays to Know Your Rights and Benefits - My Finance MD
I transcribed this in an interview with Mr. Emilio de Quiros, President and CEO of SSS by the show "ANC - On the Money.
Emilio de Quiros: The way SSS protects their fund is that when we grant the salary loan and there is no payment on the loan, there's a penalty 1% month and what we do is we collect from the benefit of the member. Emilio de Quiros:We've constructed the formula that we will be able to collect where you will have at least 36 months contribution requirement. I'm interested in getting a 2-month salary loan to pay for my family holiday in March. How big of a loan can I get and is it possible to combine it with a Pag-IBIG loan? Emilio de Quiros: Okay. For a 2 months loan, you are required for 72 months contribution and the maximum that you can get is P32,000.00 right now with 10% interest per year and could be combined with Pag-ibig loan or any loans. Our requirement is basically the amount of contributions paid. If in that case where the employer has a say and the person leaves even before they fully pay up their loan, what's the recourse now of the SSS of the individual employee? Emilio de Quiros: Well, the problem in the past was that, a lot of employees move from one company to another. Emilio de Quiros: Okay in terms of housing loan, we normally work through our accredited banks and the maximum is P2M for house construction, now it can be combined with Pag-IBIG depending on the accredited bank. Emilio de Quiros: Well, they need to go through any of our accredited banks for any business loan. Emilio de Quiros: Yes.
In a media briefing yesterday, SSS president Emilio de Quiros Jr. identified the lone bidder as Clark Quay Holdings Inc., a Filipino-owned company in the business of real property investments.
SSS execs fire back at Aquino critics on pension hike veto | Inquirer Business
SSS president and CEO Emilio de Quiros Jr. said in the same briefing that the increase would lead to a deficit of P26 billion from an expected income of P41 billion this year alone.
De Quiros also said reforms have been undertaken under the current administration. Their annual revenue has increased to an average of P33 billion from 2010 through 2014 against P8 billion between 2000 and 2009. Assets have also increased by 50 percent to P447 billion as of October 2015 since 2010. De Quiros said those gains would have been erased had the P2,000 pension hike been implemented. Moreover, the SSS still has a longway to go in achieving its ideal fund life of 70 years. "In the coming years, under the future administrations, if they continue to improve the performance, the SSS can implement a bigger pension increase," he said.