Misguided priorities

All these news about the horrific bonuses that board members and officials of the Social Security System (SSS) got made me think about whether or not it pays to be a member of SSS.

By the time I reach 60, I would have been paying my contributions to the SSS for a total of 40 years. That would total to something like P750,000.

When I reach my retirement age and qualify for SSS pension, I would get something like P12,000 a month. At that rate, in five years I will breakeven.

But in the meantime, how does SSS use my contributions?

Ideally, the SSS would invest this in safe form of investments like blue-chip stocks.

But recent news have revealed another mode of investment by the SSS for its members’ contributions, and that is in its people – its board members, commissioners and other top officials who have been working their asses off to ensure that SSS remains profitable.

According to SSS, they had to offer compensation and incentives to their people at rates that are competitive to that given by the private sector.

Oh really?

So these board members who receive  a per diem of something like P40,000 per meeting, but do not report for work regularly and do not receive salaries deserve to get 12 months performance bonus amounting to a million pesos each?

But how about the 500 or so employees of SSS who did not get anything because according to the force ranking based on performance evaluation by their superiors, they do not deserve to receive anything?

Or how about the rest of the SSS rank and file who only got a performance bonus equivalent to one month’s pay? These are the people who have to report for work everyday, who address the members’ needs and who are at the receiving end of the member’s ire at times. Do they deserve any less?

And as for SSS president Emil de Quiros. Why is it easy for him to get approval for his foreign travel expenses while his employees find it hard to have their overtime pay released?

Who evaluates the performance of De Quiros, of the commissioners, of the SSS board? Who determines the amount of their bonuses and on what basis? Why a million pesos? Because it is a nice, round figure? The board members do not receive a fixed regular monthly salary so how is the bonus determined?

Our government says that GOCCs that make money and meet certain performance standards are legally allowed to declare bonuses. But how did SSS make its money? From its investments? Or from the huge penalties that it imposes on delinquent member loans as divulged by my sources from the grapevine? If it is the latter, then any Tom, Dick and Harry can be named SSS president, boardmember, or commissioner.

Why do we need to give them millions of pesos in bonuses when there is in fact a need to increase the amount of monthly contributions next year because the funds are running out? I thought they deserve their bonuses?

When was the last time that the amount of pension has been raised? If SSS is indeed making money, enough to declare huge bonuses to its executives, shouldn’t the SSS members get a first crack at the windfall?

Or the SSS should instead use the profits to give the rank and file employees their much-delayed benefits.

De Quiros may also want to use part of his bonus or the time that he spends abroad for some anger management seminar. SSS employees, who are fed up with his invectives, are convinced that he needs intervention.

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