Higher SSS Contributions Starting this month

Like Philhealth, SSS love you more. A New Year Gift to Filipino

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Starting this month, Social Security System (SSS) members will have to pay higher contributions starting this month.

Under the new scheme monthly contributions to the state-run pension fund will increase from 10.4% to 11% of an employee’s monthly salary.

An employee earning P10,000 a month will now have to contribute 1,100, with P746 shouldered by the employer.

The agency said, the increase in monthly SSS contributions will result in increased benefits, including maternity benefits (from P30,000 to P32,000 for normal delivery) and sickness benefits (from P450 a day to P480 a day).

The SSS earlier announced the hike amid criticism over bonuses for its officials.

SSS President and Chief Executive Officer Emilio de Quiros Jr. previously defended the increase, saying the hike would prolong the life of the fund by four years. The firm had said they need to raise its membership premium because it does not have enough funds to cover retirement and other benefits beyond 2039.

The SSS has around 5,000 employees, with 8 members of the board, who reportedly got at least P1 million each in performance-based incentives. Read more: http://anc.yahoo.com

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