The Social Security System (SSS) on Tuesday defended the increase in contributions of members and employers to the pension fund scheduled next year, saying it would help fund higher benefit disbursements.
In a statement, SSS president and CEO Michael Regino said the “four-stage” contribution rate hike readies the SSS fund for the future needs of its members.
Under the RA 11199, a 1% contribution increase is imposed on SSS members every two years starting from 12% in 2019 until it reached 15% in 2025. From 2019 until October 2022, the SSS chief said it has already disbursed P3.78 billion in unemployment benefits to more than 287,000 members. “The reforms in the contribution rates are among the factors that helped boost our fund life brought by Republic Act No. 11199 or the Social Security Act of 2018,” Regino said.
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