Reckless: Duterte approved SSS pension hike knowing he will leave a big problem for millennials
“Tomorrow will take care of itself.”
This is what President Rodrigo Duterte told his economic team nine months ago when he increased by P1,000 the pension of two million retired Social Security System members with a full knowledge that such a reckless move would shorten the life of the private fund and affect the first millennials who would retire by the year 2040.
In a speech during the 60th anniversary of the SSS Wednesday, Duterte said the Cabinet meeting on the SSS pension hike was “contention” as the economic cluster – led by Finance Secretary Sonny Dominguez and Socioeconomic Planning Secretary Ernie Pernia – took a strong stand against the plan.
“At the end of the day, I cut them off because we were already arguing for two hours. I said, ‘Ladies and gentlemen, this is my stand. We will solve the problem of our generation. Tomorrow will take care of itself’,” saidDuterte.
Duterte made the decision even though his economic managers warned that the SSS fund would be depleted by 2042 before the P1,000 pension hike was inputed (SSS fund life will end in the middle of 2030 with the P1,000 hike).
But Duterte was undeterred as he was confident millennials were smart enough to solve the prospective problem.
“Ang mga anak natin, may mga utak ‘yan. Then how to continue is no longer our problem,” said Duterte.
“Dean (Amado) Valdez (SSS Chair) wrote me a letter and said, ‘Ang bukas hindi atin, kanila na ‘yan and they will solve the problem by themselves’,” he added.