SSS needs to rule on mode to lengthen fund life: Dominguez

MANILA — Finance Secretary Carlos Dominguez III said officials of the Social Security System (SSS) need to decide as soon as possible what mode the agency would take to ensure longer actuarial life.

“The payout benefits have increased. Unless they raise revenues then their fund life will just continue to drop,” he said.

At present, SSS fund life is up to 2038.

The agency has proposed several legislative measures such as a 1.5 percentage points increase in the annual contribution of its members from the current 11 percent; lifting of the PHP16,000 maximum salary credit to PHP20,000; increase in the minimum salary credit from PHP1,000 to PHP4,000; and indexation of pension and contribution to inflation rate.

Last week, SSS President and CEO Emmanuel Dooc told reporters that they would implement contribution hikes in 2018 once the first package of the tax reform proposal takes effect.

Dominguez said contribution hike is not the only way that the SSS can ensure its fund life. (Joann Villanueva/PNA)

Popular

PBBM to soldiers: Serve the citizenry, protect the homeland

By Dean Aubrey Caratiquet “Panata ito ng katapatan sa tungkulin at paninindigan para sa bayan.” At the oath-taking ceremony of 29 newly promoted generals and flag...

Gov’t assures prompt aid to Cebu quake victims

By Brian Campued Following the directive of President Ferdinand R. Marcos Jr. to provide immediate relief to families and individuals affected by the magnitude 6.9...

PBBM assures sustained gov’t support to calamity-hit Masbate

By Brian Campued President Ferdinand R. Marcos Jr. on Wednesday assured the public that the government will continue to provide various forms of assistance to...

ICI follows evidence, not manipulated for political gain —Palace told Escudero, VP Sara

By Brian Campued The Independent Commission for Infrastructure (ICI) remains “independent” and only follows evidence and is not controlled for political gain amid its probe...