Approving a 10% Across-the-Board Increase in EC Pension for the Private Sector

July 2, 2013ECC BOARD RESOLUTION NO. 13-07-15APPROVING A 10% ACROSS-THE-BOARD INCREASE IN EC PENSION FOR THE PRIVATE SECTORExcerpts from the Minutes of the Fourth (4th) Joint Regular Commission Meeting, Employees' Compensation Commission, Series of 2013, Convened at the Multi-Purpose Hall, 4th Floor, ECC Bldg., Sen. Gil Puyat Ave., Makati City, Tuesday, 02 July 2013 at 9:00 A.M.WHEREAS, P.D. No. 626, as amended, aims to provide meaningful protection against the hazards of disability resulting in the loss of income;WHEREAS, the Employees' Compensation Program provides benefits for permanent partial disability (PPD), permanent total disability (PTD) and death to occupationally disabled workers;WHEREAS, effective September 2006 and August 2007, SS pensioners were granted ten percent (10%) across-the-board increases with no corresponding increases for EC pensioners;WHEREAS, the last pension increase given to EC pensioners was in September 2000 at 10%.WHEREAS, the Actuarial Study conducted by the SSS on the enhancement of the EC pension revealed that based on three methods namely; (1) Five-year-Benefit Projection; (2) Full Projection Method and (3) Terminal Funding Method, the EC SIF is capable to sustain...