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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