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The Social Security System on Tuesday defended the scheduled contribution rate hike for this year, as it said this would be the last tranche of increases which would double the fund life to 28 years moving forward.Under Republic 11199 or the Social Security Act of 2018, the SSS is scheduled to raise the contribution rate to 15% from 14% previously. It will also increase the minimum monthly salary credit to P5,000 from P4,000, and the maximum MSC to P35,000 from P30,000.
“Such additional collection amount also enables SSS to support national government in times of difficulty, particularly as regards granting calamity loans,” De Claro said, as the SSS last year released P9.7B in calamity loans.
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