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The Social Security System said it will push through with the mandated contribution rate hike by January 2025 to ensure the fund’s long-term financial stability and future benefits of its members.“As a system, we follow what the law says, the law says there’s scheduled increases. We will do that,” SSS senior vice president and chief actuary Edgar Cruz said.Cruz said the increase is not one-sided because members can expect increased benefits when they retire.
The contribution rate, in accordance with the schedule provided under RA 11199, increased to 14 percent in 2023 from 13 percent in the previous year.Under the new contribution rate, employers will shoulder the 1-percent increase, which means their contribution will now be at 9.5 percent. The remaining 4.5 percent will be deducted from the employee.The hike in SSS contribution will increase the fund life of the pension fund to 2054 from the originally expected 2032.
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