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)
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
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
