Manila, Aug. 31 -- The Social Security System (SSS) pension reform program (PRP) will start in September in line with the directive of President Ferdinand R. Marcos Jr. and following the discussion with Finance Secretary Ralph Recto.

Supported by comprehensive actuarial studies, the PRP features a structured, three-year increase in pensions for all SSS pensioners -- the first multi-year adjustment of its kind in the institution's 68-year history.

The SSS news release said the PRP will not necessitate any contribution increase, unlike the PHP1,000 additional benefit allowance given to all pensioners starting 2017, which immediately required contribution increases to restore financial stability to the fund.

The reform will benefit over 3...