Approving a Ten Percent (10%) Across-The-Board Increase in EC Pension Effective May 1, 2015 for the Public Sector

January 14, 2015ECC BOARD RESOLUTION NO. 15-01-01APPROVING A TEN PERCENT (10%) ACROSS-THE-BOARD INCREASE IN EC PENSION EFFECTIVE MAY 1, 2015 FOR THE PUBLIC SECTORExcerpts from the Minutes of the First (1st) Regular Commission Meeting, Employees' Compensation Commission, Series of 2015, Convened at the Multi-Purpose Hall, 4th Floor, ECC Bldg., Sen. Gil Puyat Ave., Makati City, Wednesday, 14 January 2015 at 12:00 NN.WHEREAS, under Article 177 (e) of P.D. No. 626, as amended, this Commission shall have the powers and duties to upgrade EC benefits and grant new ones subject to the approval of the President, among others, provided that the actuarial stability of the State Insurance Fund shall be guaranteed and that such increase in benefits shall not require any increase in premium contribution from the employers, both private and public;WHEREAS, the last across-the-board increase for EC pension, at 20%, in the public sector was provided through Board Resolution No. 2166, dated September 2, 1982; WHEREAS, on July 2, 2013, this Commission issued Board Resolution No. 13-07-15 on "Approving a 10% Across the Board Increase...