By Genalyn D. Kabiling
Social Security System members won’t shell out higher monthly contributions just yet.
President Duterte is still considering the “social cost” of the proposed increase in SSS contribution rate on the purchasing power of its members, Malacañang said yesterday.
Presidential spokesman Harry Roque said the President has not yet issued an executive order on the SSS membership fee hike since he is “carefully weighing the issue.”
“While increasing SSS premiums would strengthen the long-term viability of the pension fund, the President considers the burden it may bring to the purchasing power of the members,” Roque said.
SSS officials had earlier announced plans to raise the membership fee from 11 percent to 14 percent in April to extend the fund life of the agency. A letter has reportedly been sent to the President seeking his approval on the increase.
The President approved last year a R2,000 increase in monthly pensions for retired SSS members. The first half was released last March while the second branch is expected to be released next year.
The pension increase came with a condition that the contribution rate of SSS members will be raised to ensure the financial stability of the agency.