THE Social Security System (SSS) is considering increasing its contribution rate to 11 percent from the current 10.4 percent that has been implemented since 2007.

But SSS president Emilio de Quiros said they would still consult all stakeholders and they are open to dialogues to pursue the proposal and consider counter-proposals.

De Quiros added that a technical group is now formed to work with the Employers Confederation of the Philippines (ECOP) to review the proposed contribution rate increase.

The final proposal will then be presented to the SSS Commission, the highest rule-making body of the fund focused on the private sector.

“Then we will seek President (Aquino’s) signature,” the SSS chief executive explained.

Ideally, the rate adjustment would be implemented early next year.

The proposed 11-percent adjustment will result in employers accounting for 7.37 percent and employees sharing 3.63 percent of the contribution.

The SSS also stated that it wants the contribution rate increased further to 15 percent to ensure the fund’s ability to meet all claims and extend benefits to its 29 million members.

Early this month, the SSS held discussions with ECOP which resulted in the employers agreeing “in principle” on the necessity of increasing the members’ contributions if the pension fund would maintain its ability to meet future claims and benefits.

“We have agreed in principle, we just have to iron out the details,” said Antonio Abad, head of ECOP’s technical working group.