Aquino to ask SSS to explain planned hike in contributions

URDANETA, Pangasinan, Philippines—President Benigno Aquino III will ask the Social Security System to explain the planned increase in the rate of contributions of employees and employers in the private sector.

“To be honest with you, I will be calling their attention to it. How come there are discussions? At what level of the discussions would I be told?” Mr. Aquino told reporters.

The President said rate increases were taken up with employers’ confederation and many other stakeholders.

“When they come up with a determination, they will tell me,” Mr. Aquino said. “And so far, no one has said that the fund is in jeopardy.”

The President said there were boards that have been put up primarily to find out the status of financial institutions like the SSS and the Government Service Insurance System.

“What’s important is that the fund is in a healthy position to service all the needs of the employees who really contribute to this pension fund,” he said.