Thursday, December 8, 2022

Partido Manggagawa welcomes SSS and GSIS exclusion from MIF, seeks GFI’s accountability


The Partido Manggagawa (PM) welcomes the decision of the House panel to spare SSS and GSIS from Maharlika’s sources of fund.

But the group maintains that the decision does not absolve Congress as well as the executives of the two pension funds from accountability.  

PM said members’ vigilance and strong opposition were key for this reversal, and thus, should be sustained to prevent future attempts at misappropriating workers’ funds.

“The mere fact that Congress toyed with the idea of creating a wealth fund out of our pension funds is already a red flag. But more reprehensible was the reckless approval of the SSS and GSIS executives to divert funds into the MIF without consulting the fund owners – the Filipino working class,” said PM Secretary General.

To prevent a repeat of this attempt for fund diversion, the group proposes that a mechanism for consultation - in the minimum regular dialogue with labor groups and in the maximum, a referendum for members - be instituted in the SSS and GSIS manual or system of operations.

Miranda explained that fund members were truly disgusted with SSS’ decision because an 11-15% increase in premiums was imposed beginning 2018 on the pretexts that the fund’s life was deteriorating, and members’ benefits need to be enhanced.  

Women workers expressed this reservation as Miranda recalled, during the public hearings on the 105-Day Expanded Maternity Leave, the SSS claimed the EML can only be funded by an increase in premiums. “But now we’ve got a surplus for Maharlika,” lamented Miranda.

Earlier, the Nagkaisa Labor coalition where PM is affiliated, countered that a wealth tax is the better source of the sovereign wealth fund (SWF) as they are a real surplus from labor’s productivity that remains concentrated at the hands of wealthy businessmen.

Partido Manggagawa

08 December 2022

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