MANILA, Philippines – The Social Security System (SSS) is pushing for an increase in the monthly salary credit ceiling from P15,000 to P16,000 since the amount of benefits are related to income.
Susie Bugante, SSS vice-president for corporate communications, said the state pension fund was originally looking at jacking up the salary credit ceiling to P20,000 but employers rejected it and instead agreed to a P1,000 hike.
Bugante said employers have given their go-signal for an increase in the contribution of SSS members by 0.6 percent.
The 0.6-percent increase in contribution, comprising some P60 for an employee earning P10,000 a month and to be shared equally by the employee and the employer, aims to cut the agency’s unfunded liability of P1.1 trillion by P141 billion.
These twin proposals are part of the SSS reform agenda, which aims to perpetuate fund life or at least extend it by 70 years, and to ensure future pensions and benefits of presently contributing members.
Based on the 2007 actuarial valuation, SSS funds are projected to last until 2039, or 27 years.
The SSS collected P25.58 billion in contributions in the first quarter, up by 7.8 percent from the same period last year with collections in Southern Mindanao rising by five percent to P1.24 billion.
The bulk of contributions came from the employed sector amounting to P21.95 billion, or an increase of 7.2 percent from the P20.47 billion collected in 2012.
Data from the SSS show that there were 1.595 million pensioners as of December last year. The average monthly pension was P1,000 while the highest was P16,563.
The monthly pension depends on the retirees’ paid contributions, including the credited years of service and the number of dependent minor children which should not be more than five. –Zinnia Dela Peña (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!
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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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