SSS to push through with contribution rate hike

MANILA, Philippines — Despite the pandemic that shed millions of jobs and closed down thousands of businesses, the state-run pension fund Social Security System (SSS) on Monday said the scheduled increase in contribution rate to 13 percent from 12 percent at present will push through in January 2021.

SSS President and Chief Executive Aurora Ignacio issued four circulars covering the new schedule of SSS contributions for employers and employees, the self-employed, voluntary members and nonworking spouses, as well as household employers and their “kasambahay.”

The bigger contribution rate meant employees and employers alike would shell out more for their SSS membership.

—Ben O. De Vera