State-run Social Security System (SSS) said the series of contribution rate increases expanded the pension fund’s life by more than two decades.
State-run Social Security System said the series of contribution rate increases expanded the pension fund’s life by more than two decades.
Regino explained how after implementing the additional P1,000 pension benefit in 2017, the SSS fund life would have lasted until 2032 only. Recently, the latest SSS actuarial valuation has shown that the fund life was boosted by another 10 years to which Regino has credited to the SSS’ efforts to boost its membership and coverage.
Starting Jan. 1, 2023, the SSS will then implement the third step of its four-tier contribution increase, with contribution rate increasing to 14 percent, up by one percentage point from the current 13 percent.
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