SSS to raise monthly contributions to 11% this year

State pension fund for private employees Social Security System (SSS) is bent on raising the monthly contribution rate of workers to 11 percent from 10.4 percent starting this year.

Talks are ongoing between SSS and its members — workers and employers — SSS president and CEO Emilio de Quiros Jr. said In a press conference Friday.

As part of the SSS reform program, the higher monthly salary credits translate to higher and more meaningful benefits for workers, De Quiros noted, citing higher pensions for retired members by at least 10 percent.

The goal is to raise the contribution rate to 15 percent, the SSS chief said. “It’s something we need to look at gradually, like every year or every two years,” he said.

Following the usual practice, the higher contribution rate will be equally shared by both employer and employee, he said. — VS, GMA News

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Ayungin dilemma Ramon Casiple - Parallaxis
    Ayungin dilemma

    China faces a dilemma in Ayungin Shoal and other contested areas. If it waits for the ITLOS—which may decide against it—it would have tacitly bound itself to UNCLOS and risk a rogue state reputation if it asserts its claim in the South China Sea. If its militarily acts now, it may face international isolation. …

  • 48 nabbed in biggest anti-trafficking catch in Bongao VERA Files - The Inbox
    48 nabbed in biggest anti-trafficking catch in Bongao

    By Jake Soriano, VERA Files Bongao, Tawi-tawi—A team of Marines and policemen intercepted around noon Thursday 48 people, 12 of them minors, believed recruited by a human trafficking syndicate for work in Malaysia. The arrest constitutes what advocates called the … Continue reading → …

  • Docs vow to pay right taxes, make peace with BIR VERA Files - The Inbox
    Docs vow to pay right taxes, make peace with BIR

    By Kiersnerr Gerwin Tacadena, VERA Files Leaders of the medical profession have made peace with their former adversary, the Bureau of Internal Revenue (BIR), and joined forces in a campaign to get doctors to pay the right taxes. BIR Commissioner … Continue reading → …

POLL
Loading...
Poll Choice Options