Social Security System. INQUIRER PHOTO/GRIG C. MONTEGRANDE
MANILA, Philippines — The chief of the Social Security System (SSS) remained firm that the one percent contribution increase, which starts this January, can no longer be canceled unless there are amendments in the law.
In a Palace briefing on Tuesday, SSS President and Chief Executive Officer Robert Joseph de Claro explained that the contribution hike is only in adherence to Republic Act (RA) No. 11199, or the act Rationalizing and Expanding the Powers and Duties of the Social Security Commission to Ensure the Long-Term Viability of the SSS.
Article continues after this advertisementREAD: SSS: Contribution, monthly salary credit hike to yield P51.5B in 2025
FEATURED STORIES BUSINESS John Hay on lockdown as BCDA takes over BUSINESS BIZ BUZZ: Business as usual in Baguio–MVP BUSINESS Agriculture Undersectary Deogracias Savellano dies at age 65This law mandates a one percent increase in SSS contribution every two years, starting at 12 percent in 2019 and culminating at 15 percent in 2025.
“Kami sa SSS, kami’y sumusunod lang sa batas na napapaloob itong Social Security System,” de Claro said, referring to RA No. 11199.
Article continues after this advertisement(Here in SSS, we simply follow the laws governing the Social Security System.)
Article continues after this advertisementIf ever lawmakers decide to revisit the law for possible cancellation of the hike, the implemented one percent increase would still be enforced until it was finalized that the hike is no longer in effect, he said.
Article continues after this advertisementBut de Claro assured the public that this is already the final tranche of hikes.
“I would like to say that I don’t foresee any more further increases in the future,” de Claro said.
Article continues after this advertisementREAD: Labor groups join call to halt SSS premium hike
The SSS contribution rate increased to 15 percent, up from 14 percent in 2024. This move was projected to generate an additional P51.5 billion in collections for 2025.
The Gulf kingdom is engaged in a years-long economic reform drive seeking to reduce its dependence on oil and boost its tourism and business sectors.
wd138 slotThe Bank of Japan’s Tankan survey reports the difference between the percentage of firms that see current business conditions as favorable and those that do not.
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Of this amount, 35 percent, or P18.3 billion, will be allocated to the Mandatory Provident Fundfb899, which serves as an additional savings account for private-sector workers and other individual members.
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