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Manila Bulletin devider Philippines devider National devider 'Transparency a must': Pimentel backs clamor to suspend SSS rate hike

'Transparency a must': Pimentel backs clamor to suspend SSS rate hike

Published Jan 6, 2025 08:12 am

At A Glance

  • Senate Minority Leader Aquilino "Koko" Pimentel III has thrown his support behind calls to suspend the increase in the contribution rates of Social Security System (SSS) members.

Koko Pimentel.jpgSenate Minority Leader Aquilino “Koko” Pimentel III (Senate PRIB)

Senate Minority Leader Aquilino “Koko” Pimentel III has thrown his support behind calls to suspend the increase in the contribution rates of Social Security System (SSS) members.

“I agree with them. The increase in SSS premium contribution does not lead to increases in members’ benefits,” Pimentel said in a statement on Monday, Jan. 6.

The senator emphasized that the SSS should focus on being more transparent instead of imposing another hike in contributions.

Specifically, he wants greater clarity on the bonuses the agency gives to its “bigwigs”.

“The performance of the board as well as the funds must be audited and assessed, judged by the members themselves,” said Pimentel.

“Hence, the SSS should be fully transparent with their members,” he added.

Starting January 2025, the SSS will be collecting more from its members. From last year’s 14 percent, premiums will now be at 15 percent.

With this, the employer’s share will be 10 percent, while the employee's will be at five percent.

This will apply to private sector employees, household employers and domestic workers, self-employed individuals, voluntary members, and land-based overseas Filipino workers (OFWs).

The increase in contribution rates aligns with Republic Act (RA) No. 11199, or the Social Security Act of 2019.

“These changes are designed to strengthen the Social Security System, at magbigay ng mas magagandang benepisyo at pangmatagalang financial security para sa lahat ng miyembro (and provide better benefits and long-term financial security for all members),” the SSS said in its website.

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koko pimentel contribution hike Social Security System (SSS)
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