MANILA — Social Security System (SSS) President and CEO Emmanuel Dooc remains hopeful of an increase in the agency’s contribution this year.
Dooc, in a press briefing Thursday, said a copy of the increase proposal has been submitted to Malacanang and they continue to regularly follow it up with the Department of Finance (DOF).
He said DOF officials continue to study the proposal, which is targeted to improve the state-run pension fund’s assets to be able to deliver more efficient services to its members.
He said there is a slim chance that it can still be implemented in the first half of this year or around June although he is hoping that it can be implemented in the second half.
“The earlier, the bigger will be our collection,” he said.
Under the proposal, contribution of members will be hiked from 11 percent to 14 percent to compensate for the increase in pension since 2017.
SSS is also asking for the increase in the minimum salary credit from PHP1,000 to PHP4,000 and the maximum cap from PHP16,000 to PHP20,000.
These proposals are expected to bring in additional PHP45 billion in contribution revenues, which is projected to lengthen SSS’s fund life from 2032 to 2044.
Dooc earlier express hope that the contribution hike can be implemented by April this year. (Joann Villanueva/PNA)
