SSS to increase member contribution rate in 2013

Social Security System (SSS) is now readying to implement the increased member contribution rate next year 2013, to ensure the fund’s ability to meet all claims and benefits of its 29 million members.

The proposed SSS contribution rate increase will be from the current 10.4 percent to 11 percent, with the employers paying for 7.37 percent and employees sharing 3.63 percent.

SSS president Emilio de Quiros said the hike was much-delayed already, with the last increase done in 2007. The proposal for SSS contribution increase still under review with the Employers Confederation of the Philippines (ECOP), adding: “We are still open to dialogues with all stakeholders to hammer out proposals and counter-proposals.”

SSS Commisssion will then scrutinize the final proposal before submitting it to the President for approval.

We will post the new SSS member contribution rate for 2013 as soon as it is made available by the agency.

Source : NextPing