Fund pension by fighting corruption

I recently went through the exercise of computing my probable SSS pension if I retire at 60 or 65, and whether it makes sense to keep making voluntary contributions, and until when. As a columnist, I am considered a freelancer and thus contribute to SSS as self-employed.

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The result, of course, is obvious. At 65, whatever I will likely receive from SSS will not be enough to cover even my basic needs. I will need a supplemental pension, probably a private one, and set aside "enough" savings to keep me afloat until the end of my days.

In this context, I support the Senate proposal to grant an additional pension to retirees and to extend the benefit to all seniors, not just indigents. My main argument is straightforward: much of the government's money is lost to corruption anyway. We might as well redirect it to our seniors, rich or poor.

Senate Bill No. 215, the "Lingap Para Kay Lolo at Lola Act," proposes a monthly social pension of P1,500 for all senior citizens aged 60 and above, regardless of economic standing. The pension will not come from SSS or GSIS but directly from the National Government.

At first glance, the numbers seem daunting. Depending on coverage, the annual cost could range from P73.5 billion (if limited to indigent seniors) to over P200 billion (if granted to all seniors). Fiscal conservatives instinctively question such spending, pointing to deficits, debt servicing, and competing priorities.

On the other hand, by mitigating corruption in public works projects, the government could restore a substantial amount of money that can be directed toward this initiative. Funding options deserve careful study, but the proposal merits both government and public support.

I believe the nation can find a way to afford dignity for our seniors without breaking the bank.

That is, if the present administration and present Congress can effectively combat corruption and ensure accountability, particularly in public works.

Those who argue against this "handout" cannot ignore the reality that far more money is stolen by crooks in government. Rather than letting them pocket the nation's wealth, and fund their personal pensions, the government should channel it to our seniors.