No SSS contribution rate increase

THE Social Security System (SSS) has refuted news reports that it already increased its member contribution rate effective January this year. SSS said its current rate remains at 11 percent and no changes have been made.

Social Security Commission (SSC) Chairman Amado Valdez said the SSC and SSS management prioritize the development of its optimal properties to ensure recurring income for the state-run pension fund in the coming years.

“While there is a need for the increase in the rate of contribution, the necessity for such is geared towards meaningful benefits for SSS members and pensioners,” Valdez added. #

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