It was recently announced that the Social Security System (SSS) members and their employers should expect a rate hike for their monthly contributions. It will be increased to 12% from the previous 11% monthly rate. Two-thirds of the contribution rate increase should be shouldered by the employer.
The rate hike is supposed to replenish the fund life by 6 more years. It took a hit when the new policy of granting an additional P1,000 a month was enacted in 2017. The pension was then depleted by 10 years.
(Higher toll rates at NLEX are now in effect)
To further work towards replenishing the fund, SSS’ contribution rate will see a 1% increase every year until it reaches 15%. This is all so that SSS members and pensioners may continue to enjoy benefits until at least 2032.
(MRT3 will not be operating during Holy Week)
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Source: Inquirer
