The Social Security System (SSS) on Monday said that the 2023 contribution increase would help fund higher benefit disbursements to its members.
THE Social Security System on Monday said that the 2023 contribution increase would help fund higher benefit disbursements to its members.
“We have already expanded the benefits to our members such as the unemployment benefit and maternity benefit under the Expanded Maternity Leave Law . Both these benefits however have no particular source of funding but since 2019, we have continuously given these benefits to our members,” Regino said.
The SSS Chief also said that the previous contribution increases boosted benefit disbursements for its members. This is an indicator that the pension fund has enough funds to support the short-term and immediate financial needs of our members and pensioners in the decades to come.UNDER the Social Security Act of 2018, the SSS should gradually increase the contribution rate until it reaches 15 percent by 2025. The 4-tiered contribution increase will ensure the pension fund’s financial viability for the benefit of its members, pensioners and their beneficiaries.
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