• No increase in SSS monthly contribution


    The top official of the Social Security System on Wednesday assured members that P1,000 of the proposed P2,000 SSS pension hike will be released by next year without an increase in monthly contributions.

    Amado Valdez said the “Social Security System [SSS] management has a game plan to ensure that the pension fund can absorb the initial P1,000 pension increase.”

    The balance of P1,000 will be given before the end of the Duterte administration in 2022.

    Valdez said the pension fund welcomes the proposal of three economists of the administration to increase the contribution of the SSS members by 17 percent from 11 percent but, in case the idea would prosper, it should be on staggered basis.

    To counter possible negative effects of the pension increase, the SSS is thinking of investing in road, railway and other infrastructure projects.

    It is also thinking of gaining ownership of up to 25 percent in utility corporations, so that even in times of power and water rate hikes, “our members who comprise the working class will still benefit from the revenues generated from such increases,” Valdez said.

    Also, the SSS is looking at joint ventures with developers to maximize gains from SSS-owned assets such as its five-hectare property on EDSA and East Avenue in Quezon City.

    Given the property’s prime location, the pension fund can generate regular earnings from building a high-rise structure with residential and commercial units for sale and lease and then charge parking fees, Valdez said.


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    1 Comment

    1. Very sad, at least the new chief of our SSS is doing something to increase pensions, though this and the other benefits does not in fact fulfill the expected purpose for which SSS was established. Far from it, our SSS failed our people to provide the following expectations, and therefore, must be dismantled, as it seem looks to be a mere burden to all contributing members. SSS seem to had been established in bad faith as an institution guise to appear to provide social security as follows:
      To provide for the material needs of individuals and families;
      To protect aged and disabled persons against the expenses of illnesses that may otherwise use up their savings;
      To keep families together; and
      To give children the chance to grow up healthy and secure.

      But in reality was an entity as a milking cow for powerful people.

      There is a need, therefore, to entirely dismantle the old one, then to re establish a new of more holistic entity in order to fulfill its true mandate to serve the people of the Philippines as expected to provide reasonable and sufficient social security benefits to every members, which is far as being viewed by reasonable and knowledgeable persons as an entity for a place and occasion for nationwide extortion among powerless people. Let us do something to this problem.