DAVAO
CITY, June 29 – The Social Security System (SSS) has clarified that it has no
intention of increasing monthly contributions of its members.
SSS
said it has no plan to increase the current contribution rate in the immediate
future, contrary to recent reports.
SSS
President and Chief Executive Officer Emilio S. De Quiros, Jr. said that
currently circulating stories of a planned increase could have stemmed from the
results of an SSS study, which looked into the impact of a P2,000
across-the-board pension increase as provided in House Bill 5842.
The
SSS study revealed that adding P2,000 to existing pension payments would
require corresponding adjustments in the contribution rate or a government
subsidy, otherwise it will shorten the SSS’ fund life by 13 years or until
2029.
The
SSS' fund life today is projected to last for 27 years or until 2042.
“Although
a contribution hike is much needed to improve the actuarial soundness of SSS
funds, we would like to assure the public, especially our members that we are
not seeking for another increase in their contributions at this time,” De
Quiros said.
Likewise,
SSS said that inquiries about the grant of performance-based bonus to its
officials and employees must be directed to the Governance Commission for GOCCs
(GCG), the oversight body which religiously monitors performance of GOCCs and
grants authority to give performance-based bonus.
“Our
financial statements and accomplishment reports are open to public scrutiny in
our website as confirmed by the Governance Commission for
GOCCs. These reports validate our continuous efforts to improve the
benefits of our members and pensioners while ensuring financial viability of
the pension fund,” De Quiros said. (PR/SSS)
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