Templo said the 10 percent differential pay, which took effect on Sept. 1, would be released by the middle of November together with the differential for the pensioners’ Christ-mas bonus.
"Pensioners who are covered by the pension increase would get by mid-November a five-month bonanza which represents the 10 percent pension differential from September to Dec-ember, including their 13th month pension," Templo said.
"SSS would disburse a total of P1.4 billion for the five-month differential of pensioners."
As of Sept. 1, SSS has more than 1.1 million disability, death and retirement pensioners with pensions ranging from a minimum of P1,200 to a maximum of P14,970.
About 98 percent obtain their pensions through the banks and the others receive checks through the mail.
SSS Chairman Thelmo Cunanan announced the pension adjustment during the 32nd Philippine Business Conference last week. The last pension increase was in 2000.
Templo said only pensioners as of Aug. 31 are covered by the benefit adjustment, which was approved by President Arroyo last week.
"Pensioners would begin receiving the adjusted rate starting in January next year."
"SSS is updating its records to integrate the 10-percent hike in the pensioners’ accounts beginning January next year," Templo said.