MANILA - A new House Bill aiming to establish an agriculture pension fund for aging and elderly farmers and fisherfolk has been introduced by United Senior Citizens Party-list Rep. Milagros Aquino Magsaysay. House Bill 9455 seeks to provide social security benefits to these vital but often underserved sectors upon retirement.
According to Philippines News Agency, the agricultural pension is designed to mirror the pension benefits enjoyed by retired employees, acknowledging the essential role of farmers and fisherfolk in driving the economy and ensuring the Philippines' food security. Despite their contributions, the agricultural sector remains among the poorest in the country. The proposed fund would include contributions from both the national government and local government units (LGUs), supplementing the monthly contributions of the poor farmer or fisherfolk as per the Social Security System (SSS) schedule. Special provisions are made for extremely poor farmers and fisherfolk, who will receive full subsidy until they are no longer classified as extremely poor. The bill stipulates that farmers and fisherfolk over 55 years old will contribute until they reach 60, after which the government will subsidize their contributions to complete the minimum 120 months. Benefits under the pension fund include a monthly retirement benefit of PHP2,000 starting at 65 years old, death benefits, and disability benefits, among others, with the SSS designated as the fund's administrator.