News Update SSS to raise monthly contributions to 11% this year

State pension fund for private employees Social Security System (SSS) is bent on raising the monthly contribution rate of workers to 11 percent from 10.4 percent starting this year. Talks are ongoing between SSS and its members — workers and employers — SSS president and CEO Emilio de Quiros Jr. said In a press conference Friday. As part of the SSS reform program, the higher monthly salary credits translate to higher and more meaningful benefits for workers, De Quiros noted, citing higher pensions for retired members by at least 10 percent. The goal is to raise the contribution rate to 15 percent, the SSS chief said. “It’s something we need to look at gradually, like every year or every two years,” he said. Following the usual practice, the higher contribution rate will be equally shared by both employer and employee, he said. — VS