#sss hike

Here is the copy of the official press statement sent to us by the SSS today. The Social Security System (SSS) said today it has started implementing the provisions of the Republic Act of RA 11199 or the Social Security Act of 2018, which mandated a contribution hike to ensure the financial viability of the state pension fund for private sector workers. SSS President and Chief Executive Officer Rolando Ledesma Macasaet said the law-mandated contribution increase would translate to immediate benefits to the country’s 13 million workers and will ensure the viability of the SSS fund designed to provide them with social security protection. Enacted on February 7, 2019 by Congress, the Social Security Act of 2018 rationalized and expanded the powers and duties of the Social Security Commission (SSC) to ensure the long-term viability of the SSS. Under the law, SSS should gradually increase the contribution rate by one percentage point every two years until it reaches 15 percent by 2025. Diokno has expressed his support for the new contribution rate saying, “it is the right thing to do for the institution and its members.” Macasaet said the implementation of the contribution hike would eventually redound in a system that would serve workers better. “The contribution hike will benefit the workers with the SSS being able to provide a financially viable social protection system to Filipino workers and their families,” Macasaet said. Read more in our articles including "SSS to increase Contributions to 14% this January 2023" and "SSS ID: How to Apply and Get an SSS ID?".