MANILA, July 28 (PNA) — Department of Labor and Employment Secretary Rosalinda Dimapilis-Baldoz said on Tuesday that Employees Compensation (EC) pensioners can expect an increase in their pension after the Employees’ Compensation Commission (ECC) approved Board Resolution No. 15-06-30 which adopts the manner of computing Social Security (SS) pension under the SS Law, particularly the pension formula and the definitions of Average Monthly Salary Credit (AMSC) and Credited Years of Service (CYS) in the prospective computation of EC Pension.
“By adopting the manner by which the Social Security System (SSS) compute its pension and its definition of the important factors being considered in the computation, we are able to uplift the welfare of EC pensioners,” Secretary Baldoz said.
Baldoz added that the resolution also reiterated the automatic and simultaneous increase in EC monthly pension every time the SSS increases the SS pension for non-work related deaths and disabilities, for as long as the State Insurance Fund (SIF) can accommodate such increase without requiring any raise in EC premium.
The resolution is based on an actuarial study made by the Social Security System, upon ECC’s request, to determine the viability of applying the manner of computation of SS pension, particularly the definitions of AMSC and CYS, in computing the EC pension.
As of March 2015, there are 18,303 EC pensioners under the SSS — 16,840 of which are death pensioners while the remaining 1,463 are disability pensioners. The average amount of death pension is P3,483 and P3,494 for disability.
“By adopting these changes, there is an expected increase in the EC pension which will be implemented prospectively,” ECC Executive Director Stella Z. Banawis said.
Emphasizing prevention over compensation
The ECC Executive Director reminded everyone that prevention of work-related accidents and illnesses should be everybody’s concern even if there is an ECP to provide for the needs of persons who were victims of work-related contingencies.
“We should always remember to put safety and health in the workplace as everybody’s priority. The ECC is always ready to assist workers who figure in work-related accidents and illnesses but we will never cease to remind everyone that prevention is always better than compensation,” Banawis said. (PNA)