Social Security System (SSS) president and chief executive Emmanuel F. Dooc revealed that the state-run pension fund might implement 12 percent increase by April or May this year to be able to extend the fund life of SSS until 2045.
Recently, President Rodrigo R. Duterte signed into law the bill that would introduce mandatory SSS coverage for Overseas Filipino Workers by virtue of Republic Act 11199.
This year’s contribution rate increase will be followed by three more 1-percentage point increases in 2021, 2023, and 2025, according to the Philippine Daily Inquirer.
Dooc was quoted to have said that the increase might be implement soon: “I hope it will be within the first half of the year. Maybe April or May.”
The Social Security Act of 2019 will serve as a guiding post to enhance the services provided by the Social Security System (SSS) as well as replenish its funds, according to Senator Richard Gordon, one of the bill’s authors.