Wednesday, April 27, 2011

Increase in Contribution and Pension

The SSS president and CEO Emilio de Quiros Jr released a statement saying that SSS proposed a 0.6 percent increase in the contribution rate to 11 percent. This might a bad news to SSS members who are paying contributions because their contribution fees will increase. However, there is also a good news to this. According to de Quiros, SSS proposed to increase the pension of the SSS members too.

Here's part of the news regarding this:
De Quiros said SSS has proposed a 0.6% increase in the contribution rate to 11%, and a P5,000 increase in the maximum monthly salary credit. He said if approved, the adjustments would allow the agency to implement a 10% across-the-board pension increase, give pensioners a P500 one-time grant, and hike other benefits.