Labor group asks SSS to explain plan to hike premiums
MANILA, Philippines — Where does our money go?
Amid talk of a possible increase in the premiums contributed by its members before the year ends, a militant organization on Wednesday challenged the state-owned Social Security System to disclose its investments to the public.
Addressing SSS president Emilio de Quiros, Sammy Mangune, vice chair for federation affairs of the Kilusang Mayo Uno (May One Movement), demanded for a “proper presentation of (the agency’s) accounts,” saying its members had no idea how their money was being managed.
“What happened to the investments on real estate, Philex Mining? How much are the earnings from there and where do they go?” Mangune asked.
He said the disclosure has become necessary since many SSS members who have heard about the agency’s plan to jack up contributions have been wondering why “paying beneficiaries” should be given an additional “burden” just so the monthly pension received by retirees could increase.
De Quiros said the increase of each member’s contribution to the pension fund — from 10.4 percent to 11 percent of his monthly salary — would prolong the giving of retirement benefits from 2039 to 2049.
“What happened? It should be [the SSS’] earnings from its investments that should pay for those pension benefits, not us,” Mangune explained.
He added the quarterly dialogues that were supposed to take place between SSS officials and stakeholders never pushed through.
“Present the paper trail to the workers, the SSS’ gains and losses. It’s [the SSS’] responsibility,” Mangune said.