ADDED BURDEN? | SSS members to pay higher contribution rate by 2021

December 23, 2020 , 08:22 PM

(December 23, 2020) – In a bid to ensure the fund viability, members of the Social Security System (SSS) will bear the brunt of paying higher fees by next year as the agency increased its mandatory contribution rate from 12 to 13 percent starting January 2021.

Department of Finance secretary Carlos Dominguez III, who is also the chairman of the Social Security Commission (SSC), said that the hike will “expand its coverage and provide more and higher benefits for its current and future members and their beneficiaries.”

The SSC, as the highest policy-making body of SSS, wanted to offset the impact of the P1,000 additional monthly pension for members granted under the Republic Act No. 11199 or the Social Security Act of 2018.

“Any drop in collection may lead to cash flow and liquidity issues. This could endanger the SSS’ ability to provide its members and their beneficiaries with benefits and loan privileges,” explained Dominguez in a statement.

New SSS contribution rate to ensure pension fund viability, increase benefits for members, beneficiaries

The Social…

Posted by Philippine Social Security System on Tuesday, December 22, 2020

Dominguez also wanted the public to see it as SSS’ way of providing a safety net against hazards brought about by sickness, maternity, disability, and unemployment, among other factors.

Based on the adjusted monthly salary credit (MSC), an individual contributing P1,480 would have to pay as much as P1,620 by next year. Those classified under the monthly salary credit bracket, meanwhile, would have to pay P2,600, an amount higher than the current P2,400 fee.

The MSC outlines the corresponding benefits that members can get for the contribution they put into the state pension agency.

Some camps, however, believe the SSS hike is another significant burden that Filipinos would have to deal with apart from the other financial difficulties already posed by the COVID-19 pandemic.

Bayan Muna party-list Rep. Ferdinand Gaite said he hopes SSS would be more considerate of the Filipinos’ demands and needs during this challenging time.

“Hindi ba nila ramdam ang paghihirap ng mamamayan?” asked Gaite, urging the SSS to temporarily postpone the implementation of the hike. “Tumaas rin ang bilang ng nagsasabing sila ay gipit, kaya talagang napakahalaga ngayon ng bawat pisong mananatili sa bulsa ng ordinaryong manggagawa.”

The latest survey conducted by the Social Weather Stations (SWS) revealed that 62 percent of adult Filipinos feel that their quality of life worsened this year. Close to 50 percent of families, meanwhile, rated themselves as poor. The SWS sampled 1,500 adults.

“Magtulungan muna tayo sa pagbangon ng ating mga kababayan, gipit sila, huwag naman sana nating dagdagan ang pasanin nila,” said Gaite.

A group of employers also echoed the call, saying that they are still in the process of recovering from the economy and that the SSS should consider the deferment of such an increase which would be detrimental to employers and their workers.

“Imposing another round of hefty salary deduction for additional contributions to SSS, together with the planned PhilHealth premium increase, at this time would be pulling the plug and tantamount to a medically disputable assisted suicide,” said the Employers Confederation of the Philippines and the Philippine Chamber of Commerce and Industries.

(With reports from Dale De Vera, News5; Beatrice Puente/PM)

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