By Leslie D. Venzon
MANILA, Sept. 16 (PNA) — President Benigno S. Aquino III has directed concerned government agencies to impose a 10-percent across-the-board increase in compensation pension for employees in the public sector.
President Aquino signed Executive Order No. 188 last Sept. 11, raising the amount of employees’ compensation (EC) for the public sector retroactively effective on May 1, 2015.
“Provided, that the stability of the SIF (State Insurance Fund) shall be guaranteed; and Provided, further that, there is no corresponding increase in EC contribution from their employer, the National Government,” he said.
The Chief Executive cited the results of the actuarial study of the Government Service Insurance System (GSIS) indicating that the SIF administered by the GSIS can finance the increase in EC pension for the public sector without affecting the stability of the SIF and without requiring additional contributions from the national government.
President Aquino ordered the Employees’ Compensation Commission (ECC) and the GSIS to earmark and release the amounts needed to cover the increase in EC pension from the reserves of the SIF administered by the GSIS under the EC program. (PNA)