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SSS to adjust employee-employer contribution sharing

Social Security System (SSS) Chairman Amado Valdez expressed plans on adjusting the premium contribution sharing between the employer and the employee into a 50-50 scheme.

“We are in the process of consultation po with the employers, with employers association, para ma-determine natin ano ang magiging reasonable sharing between the employees and employers,” Valdez said during an interview with GMA on Tuesday, February 6, 2018.

The current sharing scheme of 3.63 percent for employee and 7.37 for employer might be adjusted into an equal sharing scheme along with the plan of SSS to implement a 3-percentage point in the members’ monthly contribution by April.

Valdez said the adjustment in the sharing scheme will alleviate the burden on the part of the employers.

Since the SSS fund life was shortened, the pension fund finds it necessary to impose a higher contribution due to the P1,000 increased in the monthly pension of retired members last year with another P1,000 to be disbursed comes 2022.

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