Social Security System

SSS Contribution Rate Increase by 13% Starting on January 2021

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According to Finance Secretary Carlos Dominguez, III SSS members would see a higher monthly contribution on January 2021as their safety net against the future hazards of sickness, like COVID-19, maternity for woman, permanent or temporary disability, unemployment, old age, like increasing senior citizens, death, and other contingencies resulting to loss of income and another self-financial burden for them and their beneficiaries.

All new and old members of the Social Security System (SSS) should see or brace for higher monthly contributions next year 2021, from 12% to 13% as the state-run pension fund pushes through with the premium hike effective January 2021.

The pension fund will be fully implemented by 2025 by a Republic Act (RA) No. 11199 of the restructured rates and other reforms set in or the Social Security Act (SSA) of 2018, That will impact the financial increase in the monthly pension of the P1,000.00 pesos to all new and old members and pensioners that was implemented in 2017.

A total of P159.47 billion pesos of disbursed in the social security system and all employee’s compensation benefits to all 3.56 million members and beneficiaries, representing a decrease of 2.6 and 4.8%, respectively, from the benefits released in the same period last year from January to October 2020, the SSS said.

 

Source and Courtesy; SSS FB Page

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