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)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
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
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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