SSS members unfazed by contribution hike-A A +A
Friday, January 3, 2014
PAYING members of the Social Security System (SSS) in Northern Mindanao are not worried of the increase in their monthly contribution, which took effect this month.
Ma. Raine Jamero, SSS-Northern Mindanao branch head, told Sun.Star Cagayan de Oro Friday that the increase in contributions will be 0.6 percent.
“From the 10.4 percent last year, the contributions will (now) be a total of 11 percent,” said Jamero, adding the last year’s contribution by 0.6 percent.
Jamero said the 11 percent would be shouldered by the employee and the employer -- 7.37 percent for the employer and 3.36 percent for the employee.
Robomafel Veniales, a young professional, said “since it is just our money that are banked in the SSS and will be returned (to us) sooner.”
“It is necessary for you since it is for your own sake,” Veniales said.
He added that with the new contribution rate, the SSS would offer higher educational loans that can be used for his schooling.
“And since I started early, during my retirement in yonder years it is possible that I will receive higher monthly rate,” he added.
Businessman Titah Donato, a voluntary contributor of the SSS, said: “There is nothing we can do about it because it is already there.”
“Before, I used to pay P936 a month. Starting today (January 3), I will pay P990 a month because of the increase,” she said.
Donato added that since there is an increase, the benefits and privileges offered by the SSS should also increase.
For Donato it didn’t create much impact on her monthly budget.
She added: “In fact, I’m working on increasing my contributions in the SSS.”
Jamero said the SSS has also increased its salary credit from P15,000 to P16,0000.
Salary credits are the basis for a contributor’s monthly contribution in the SSS which has a bearing on the amount of loan and other benefits a member can avail.
Also, salary credits or monthly salary credits depend on a member’s monthly range of compensation.
For instance, if the monthly wage of a member is P9,250 to 9,749.99 then the member belongs to the P9,500 monthly salary credit.
“Before, the highest salary credit is just P15,000. At present, we have a P16,000 salary credit that will help members give higher contributions for higher benefits,” Jamero said.
She added that if the maximum loan before is P24,000, with the 0.6 percent increase, it rose up to P30,000.
Another instance, Jamero added that in sickness benefits, if you are under the P15,000 salary credit you will only avail a daily cash allowance of P500.
“But with the P16,000 salary credit, a member can avail P533 as daily cash allowance,” she added.
Jamero enumerated additional benefits like “retirement benefits, death, disability, sickness and maternity benefits.”
Published in the Sun.Star Cagayan de Oro newspaper on January 04, 2014.