Bill Type
Congress Name
Long Title
AN ACT PROVIDING FOR AUTOMATIC ADJUSTMENT OF THE BASIC MONTHLY PENSION OF RETIRED PERSONNEL COVERED BY THE GOVERNMENT SERVICE INSURANCE SYSTEM AND THE SOCIAL SECURITY SYSTEM TO THE PREVAILING COST OF LIVING INDEX AND APPROPRIATING FUNDS THEREFOR
Date filed
October 20, 2003
Scope
Legislative History
| House Bill/Resolution NO. House Bill No. 6493, 12th Congress of the Republic | |
| FULL TITLE : AN ACT PROVIDING FOR AUTOMATIC ADJUSTMENT OF THE BASIC MONTHLY PENSION OF RETIRED PERSONNEL COVERED BY THE GOVERNMENT SERVICE INSURANCE SYSTEM AND THE SOCIAL SECURITY SYSTEM TO THE PREVAILING COST OF LIVING INDEX AND APPROPRIATING FUNDS THEREFOR | |
| ABSTRACT : With the buying power of the peso constantly being weakened, the elderly, who depend mostly on their pensions, have difficulty in making both ends meet. This bill seeks to provide for the basic monthly pension and/or benefits of retired personnel covered by the GSIS and the SSS to be automatically adjusted to the prevailing cost of index as determined by the National Economic Development Authority. A pension based on the cost of index would help to alleviate the plight of our senior citizens and enable them to live comfortably in the twilight of their years. | |
| PRINCIPAL AUTHOR/S : LOZADA, JOSE APOLINARIO JR. L. | |
| DATE FILED : 2003-10-20 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Tulagan (023 ) | 2. Chatto (028 ) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON ON 2003-10-23 |
Abstract
With the buying power of the peso constantly being weakened, the elderly, who depend mostly on their pensions, have difficulty in making both ends meet. This bill seeks to provide for the basic monthly pension and/or benefits of retired personnel covered by the GSIS and the SSS to be automatically adjusted to the prevailing cost of index as determined by the National Economic Development Authority. A pension based on the cost of index would help to alleviate the plight of our senior citizens and enable them to live comfortably in the twilight of their years.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.