The Philippines ushered in 2025 with a 15% increase in Social Security System (SSS) contributions, aimed at strengthening the system and providing long-term financial security for members. While the hike is expected to improve benefits and ensure the fund's viability, it has sparked concerns about the impact on employers and employees already grappling with rising living costs.
A NEW year has come and with it is the optimism to step into a new chapter, discover opportunities and embrace what's coming. Often, the thought of changing for the better is what resonates not only within individuals but within government systems as well.
Under this, a 1-percentage-point increase every two years was imposed on SSS members, starting from 12 percent in 2019 until a final rate of 15 percent in 2025. Private employees would have to pay 5 percent of the contribution while their employers accounted for the remaining 10 percent. With the law in effect, the SSS said the fund's life was expected to last until 2053.
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