ROSALES, Pangasinan—President Benigno Aquino III on Friday said there was no need to increase private employees’ premium payments to the Social Security System, saying its funds were safe.
“So far, there have been no reports that SSS funds are in danger of being depleted,” Mr. Aquino said.
But he acknowledged the pension fund had been criticized for making supposedly bad investments.
“What is important is we keep the healthy position of the SSS,” he said.
SSS president Emilio de Quiros Jr. on Tuesday announced a plan to increase private employees’ required contributions to 11 percent of their monthly salary from 10.4 percent.
He said that would add seven years to the pension fund’s life and provide more benefits to its members.
Without the increase, the benefit payments to members would put a strain on the fund and shorten its actuarial life, which was expected to last until 2039 based on a projection made in 2007, De Quiros said.
He said the increased membership dues would allow the fund to give pensioners a one-time 500-peso grant, a 10-percent across-the-board increase in pensions, and higher computed benefits.
The SSS has more than 29 million members. Joyce Pangco Pañares, Manila Standard Today
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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