Thursday, July 25, 2013

HIKE IN SSS CONTRIBUTION 2013

As mentioned in the last SONA (the 4th one ever ) by the President of the Philippines, Noynoy Aquino held last July 22, 2013, there is a need to increase the SSS contribution to help in the reduction of unfunded liability.

Consequently, if the contribution of the members will increasethe pension scheme will have to be amended too.

The hike which was said to be around 0.6% was approved in principle by the Social Security Commission last March 16, 2013.

The matter is still under study and debate awaiting for further approval and implementation. Will post an update once fully approved.