MANILA—The Social Security System (SSS) on Friday refuted the statement of Bayan Muna chairman Neri Colmenares that there will be no increase in member contributions, stressing that the state-run pension fund did not make such a public announcement.
“We did not make any announcement that we will no longer increase member contributions. In fact, the contribution rate hike was part of the continuing reform agenda approved by President Rodrigo Duterte early this year,” explained SSS President and Chief Executive Officer Emnamuel Dooc.
Alongside the approval of the additional benefit last Jan. 10, President Duterte also approved the contribution rate hike to enlarge the Investment Reserve Fund of the pension, to generate higher yields for investments, and to further strengthen the viability of the pension fund for future obligations.
“Just like the additional PHP1,000 benefit, we will be implementing the contribution rate hike as scheduled as soon as we receive the signed order from Malacañang,” said Dooc.