SECTION 2. Section 5 of Republic Act No. 7432, as amended, is hereby further amended to read as follows:
"SEC. 5. Government Assistance. — The government shall provide the following:
(a) Employment
x x x;
Private entities that will employ senior citizens as employees, upon the effectivity of this Act, shall be entitled to an additional deduction from their gross income, equivalent to fifteen percent (15%) of the total amount paid as salaries and wages to senior citizens, subject to the provision of Section 34 of the NIRC, as amended: Provided, however, That such employment shall continue for a period of at least six (6) months: Provided, further, That the annual income of the senior citizen does not exceed the latest poverty threshold as published by the Philippine Statistics Authority (PSA) for that year.
x x x;
(h) Additional Government Assistance
(1) Mandatory Social Pension
Indigent senior citizens shall be entitled to a monthly stipend amounting to not less than One thousand pesos (P1,000.00) to augment the daily subsistence and other medical needs of senior citizens.
The DSWD shall, subject to the approval of the Department of Budget and Management (DBM), in consultation with other stakeholders, review and, when necessary, adjust the amount of the social pension every two (2) years after the effectivity of this Act, taking into account the present consumer price index as published by the PSA and relevant economic indicators, as reported and published by pertinent government agencies and authorities.
(2) x x x
(3) Social Safety Nets
Social safety assistance intended to cushion the effects of economic shocks, disasters and calamities shall be available for senior citizens. The social safety assistance which shall include food, medicines, and financial assistance for domicile repair, shall be sourced from the disaster/calamity funds of LGUs where the senior citizens reside, subject to the guidelines to be issued by the National Commission of Senior Citizens (NCSC)."