Social Insurance Executive Speaks on SSS Contribution Rate Increase
SSS CONTRIBUTION RATE INCREASE – Social Security System (SSS) Executive Vice President for Investment Sector Rizaldy Capulong spoke on the proposed increase in contribution.
Every nation has its own state-run social government agencies that the people can turn to in times of financial emergencies. In the Philippines, one of the pension funds ran by the state is the Social Security System or more commonly called SSS.
Most of the Filipinos working in the private sector are members of SSS. Also a huge part of its members are the self-employed individuals or those running their own businesses. You may also apply for a voluntary membership to the social insurance institution.
SSS has opened its membership not only to Filipinos working in the country but as well as overseas Filipino workers (OFWs). Most privileges are open for both Filipinos working in the country and abroad.
Every month, members contribute a certain amount to the Social Security System to keep their accounts active. Accumulated contributions enable a member to qualify for its offers like the SSS loans and SSS benefits.
There is an SSS contribution rate set by the state-run pension fund. Currently, the rate is at 12% of the monthly income of the member.
Based on a report on ABS-CBN News, the pension fund was set to supposedly increase the SSS contribution rate to 13% starting January 2021. However, it was put on hold due to the COVID-19 crisis in the country now.
Speaking to ANC, Rizaldy Capulong, SSS Executive Vice President for Investment Sector Rizaldy Capulong, said that the proposed increase is currently under the Office of the President’s review.
The SSS is one of the agencies helping the people amid the COVID-19 crisis in the country now. It is ready for cash loans to assist members who are financially struggling now amid the pandemic.