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)
World Day for Safety and Health at Work
“Safety and health at work every day!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
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March – Women’s Role in History Month
April – Month of Planet Earth
Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week
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Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
