A 1.5 PERCENT increase for Social Security System (SSS) members’ monthly contribution and an increase with the maximum salary credit may be imposed once the Senate has approved of the SSS commission proposal to have the power over the said adjustments.
The SSS is pushing for the power to adjust the contribution as well as the maximum salary credit especially that early this year, a P1,000 increase in monthly pension was approved.
With the more than two million pensioners that will be granted the P1,000 increase in monthly pension, the 1.5 percent increase in monthly member contribution would be a big help to the commission. This is despite the fact that the investment income and the contribution revenue of SSS nationwide are positive.
Before the end of the year, SSS targets P169 billion revenues from contributions of members. They also target to reach P31 billion revenue by the end of the year from SSS investment income such as stocks, property, and loan investments that SSS is allowed by law. Currently, investment income reaches P28 billion to P29 billion.
During the press conference conducted by SSS Davao branch yesterday, December 13 at The Ritz Hotel at Garden Oases, SSS president and CEO attorney Emmanuel Dooc said January of this year, the commission of SSS had proposed during their cabinet meeting a 1.5 percent increase for contribution and an increase with the maximum salary credit from P16,000 to P20,000.
According to Dooc, this was proposed even before the executive order (EO) instructing the increase of monthly benefit of pensioners by P1,000. However, only the pension benefit increase was given approval.
“Either the president or the congress can adjust the contribution and the salary credit which is currently provided for in the current SSS charter. What we did, we are pushing for the amendment of the charter. It was approved by the lower house early this year. And it is now currently pending before the Senate in the committee of Senator Richard Gordon. What is included in that proposal is to empower the commission to adjust the contribution as well as the maximum salary credit,” Dooc said.