President cold to SSS hiking contributions

Published by rudy Date posted on April 9, 2011

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

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