Social Security System Chairman Amado Valdez is confident that President Rodrigo Duterte will approve the proposed increase in premium contribution of their members.
During DZRH’s One On One, Valdez said that increasing the monthly contributions from 11% to 14% will also lead to higher pension for SSS retirees.
The SSS chairman said, that once approved by the President, the contribution increase can be implemented starting April.
“Papag-aralan niya babalansahin niya iyan baka April, kung maaprubahan niya yung recommendation.” Valdez said during the interview. “Baka March o April aprubahan na iyan.”
On January 30, SSS president and Chief Executive Emmanuel Dooc confirmed that they sent a letter to the President requesting for a 3% increase in contribution rate.
Dooc also revealed that they appealed to increase the minimum salary credit from Php 1,000 to Php 4,000, and the maximum from Php 16,000 to Php 20,000.
The SSS official explained that by increasing contribution rate, it will extend the expected life of the SSS fund up to 2044.
Previously, Duterte ordered SSS contribution rate to increase by 1.5% per year until 2020, and also approved a Php 2,000 pension hike, that is divided in two stages.