SSS rules out further contribution hikes after 2027 adjustment

MANILA, Philippines — The Social Security System (SSS) has no strategy to increase contribution rates beyond a last 10 percent change set up for 2027, as it looks for to relieve the monetary problem on members in the middle of increasing costs and financial unpredictabilities.

SSS President and CEO Victor Alfonso Limlingan stated the company acknowledged that greater contributions would even more strain employees and companies currently handling inflation, increasing oil costs and the financial results of the war in Iran.

“The SSS is delicate to the problems dealt with by members and wishes to prevent enforcing extra monetary concerns on them,” stated Limlingan who was successful Robert Joseph de Claro who was designated by President Ferdinand Marcos Jr. as Department of Information and Communications Technology chief.

“We’re very sensitive that our fellowmen are struggling with inflation, with the war in Iran, with the high price of oil,” Limlingan informed The Manila Times on the sidelines of the ‘Meet and Greet’ with members of the media.

Rather of counting on greater contributions to enhance its monetary position, the SSS plans to enhance the efficiency of its financial investments, he stated.

The SSS president stated the firm’s concern was to guarantee it might satisfy its pension commitments while preserving the price of subscription.

He described that the contribution structure of the state pension fund included payments from both workers and companies, with the greatest wage bracket topic to a five-percent worker share and a 10-percent company share.

“The company likewise acknowledges that needing members to reserve cash for retirement can be especially hard when they are having a hard time to satisfy their present requirements,” he stressed.

Limlingan stated the SSS desired members to value the advantages of contributing without contributing to their monetary troubles.

He stated the company was likewise pursuing enhancements in its loan items and broadening the advantages of the MySSS Card through collaborations with merchants and provider to make subscription better while members were still working.