Official statement of SSS on contribution rate increase
The Social Security System (SSS) refutes news reports that it already increased its member contribution rate effective January this year. SSS said its current rate remains at 11 percent and no changes have been made.
Social Security Commission (SSC) Chairman Amado Valdez said the SSC and SSS management prioritize the development of its optimal properties to ensure recurring income for the state-run pension fund in the coming years. “While there is a need for the increase in the rate of contribution, the necessity for such is geared towards meaningful benefits for SSS members and pensioners,” Valdez added.
Aside from the increase in contribution, part of the reform agenda of the SSS is the adjustment in the maximum salary credit, from P16,000 to P20,000. According to Valdez, “these reforms are responses to its members’ clamor for increased benefits and higher pension in the future.”