Higher SSS contributions mean more benefits

Miriam P. Aquino

SAN FERNANDO CITY  – Members of the state pension fund for private employees will start paying a higher contribution this month to guarantee better benefits.

Assistant Manager Francis Pentecostes of Social Security System (SSS) La Union, said the additional .06 percent of premium rates that members will pay this January would mean more benefits for them.

He said the SSS also needs fresh funds to prolong the pension fund’s lifespan and cover liabilities.

 “The longer the life span for SSS, the more benefits they could provide for the existing members and future generations,” Pentecostes added.

He said that the minimal increase would just be added to the existing 10.4 percent interest that members are now paying equally by the employer and employee and in full by Overseas Filipino Workers (OFW), voluntary members and self-employed.

The adjusted contribution also resulted in maximum salary credit from P15,000 to P16,000. 

“The more stable the institution is, the better and more effective service the SSS could bring,” Pentecostes  added.  (MCA/MPA/PIA1 La Union)

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