MANILA, Philippines – The Asian Development Bank (ADB) said it supports an increase in the contribution rate in the Social Security System (SSS) and its merger with the Government Service and Insurance System (GSIS).
In a recently released study, “Pension Systems in East and Southeast Asia, Promoting Fairness and Sustainability”, the ADB also recomended that the Philippine government raise the retirement age and gradually shift to a defined-contribution system.
The SSS covers the private sector while the GSIS serves the public sector.The military establishment is attended to by the Armed Forces of the Philippines Retirement Service Benefit System (AFPRSBS). Together, they cover about 79 percent of the country’s labor force and 28 percent of the population aged 60 and older.
“The large discrepancy between the contribution rate of the GSIS which is 21 percent, and the SSS contribution rate of 10.4 percent, reflects the significant imbalance between contributions and benefits in the SSS,” the ADB study pointed out.
The study suggested that the SSS must increase the contribution rate to be able to reduce the gap between contributions and benefits. If delayed “in a later date,” the provident fund will be forced to charge a heftier amount to later generation of workers. –Ted P. Torres (The Philippine Star)
20 February –
WORLD DAY OF SOCIAL JUSTICE
“Every day, give everyone their due.
Every day should be Social Justice Day!
The only way”
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
February Observances
1-7 Feb: World Interfaith Harmony Week
01 Feb: World Wetlands Day
02 Feb: International Day of Human Fraternity
04 Feb: International Day of Zero Tolerance
for Female Genital Mutilation
11 Feb: International Day of Women and Girls
in Science
20 Feb: World Day of Social Justice
Monthly Observances:
National Health Insurance Month
Weekly Observances:
Week 1: National Awareness Week
for the Prevention of Child Sexual Abuse
and Exploitation
Week 3: Public Administration Week
Daily Observances:
Feb 1 Constitution Day
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