Econ managers call for hike in SSS premiums

SOCIAL Security System (SSS) contributions need to be hiked to 17 percent of a member’s salary to save the state-run pension fund from bankruptcy, once the proposed two-step, across-the-board increase of P2,000 in monthly pensions is implemented, the country’s economic managers have said.

In a statement over the weekend, the Department of Finance (DOF) disclosed that Finance Secretary Carlos Dominguez 3rd, Budget and Management Secretary Benjamin Diokno and Socioeconomic Planning Secretary Ernesto Pernia in a December 15 memorandum to President Rodrigo Duterte sought the adjustment in the contributions of employers, employees, self-employed individuals and volunteer members of SSS.